The real estate market is constantly fluctuating, which makes it difficult to maneuver when you’ve been a homeowner for some time. If you’ve been wondering if selling your property is a good idea in 2022, take a look at the reasoning for both staying and listing your home right now. There are advantages and disadvantages in the marketplace today.
1. It’s a Seller’s Market
Although every market is unique, most of the nation’s popular cities are dense and coupled with a limited housing supply. When you put your home up for sale in 2022, a bidding war might be in your future. It’s definitely a seller’s market, which means you can sell at a higher number in a rapid amount of time. Simply price the home at a reasonable amount, and buyers will be tempted to raise their bids to win out.
2. Financing Remains Affordable
Interest rates have been low for many years, but they’re slowly increasing. Keep in mind, however, that these rising rates are still incredibly low compared to other time periods. Sell your home in 2022 because there are many buyers who can afford to pay the asking price. In turn, you can buy another property with a low-interest rate too.
3. Time to Move On
When you need to move, such as for work, raising a family, or other reasons, selling in 2022 is a perfect time. The labor market is wide open for those individuals who want to secure a new job in another community. Your property sale might follow this life change. Job uncertainty is at a low, and homes are selling fairly quickly. It may be the right time to move on from your original home and find another one.
4. Debate the Refinancing Temptation
Homeowners who’ve refinanced in the past three to five years should probably hold off on a sale in 2022. It takes a few more years to financially benefit from the refinance, such as paying off closing costs and other fees.
If you haven’t recently refinanced, selling may be a good idea. You might also consider a refinance this year in lieu of selling the property. Interest rates that are one or two points lower than your current mortgage can save you money. Sell sometime in the future with this strategy.
5. Future Property Considerations
A seller’s market is great for the homeowner, but you’ll be a buyer as you look for that next home. If you’re concerned about paying for your next property, waiting to sell might be a good idea. Build up extra equity, find a more stable job, and feel confident in your finances before selling. With some money in the bank, you can be a competitive buyer as you use your sold home’s funds to invest in that next dream property.
When you have questions about your real-estate situation, speak to a real estate agent in Central Florida. These professionals know the area and its fine details. Selling your home can be a positive and rewarding experience as a result. See what your home can sell for today.