While real estate is hyper-local and each area experiences its own ebbs and flows, a number of trends still affect the market as a whole. Throughout 2021, inventory challenges and low mortgage rates remained a common theme.
With the arrival of winter and recent news of upward pressure on interest rates expected throughout 2022, if you’re thinking about selling, here are a few reasons why now is a great time to do so.
Low mortgage rates. The low interest rate environment means more buying power, so buyers currently can afford more home for their money.
Appreciation. The value of your home is based on the market, not the season. The steady declines in housing inventory combined with increased demand are pushing sale prices higher throughout the country.
Motivated buyers. While spring and summer are considered the “peak seasons” for real estate, prospective home buyers shopping in the “off season” are serious, motivated and ready to buy.
Reduced competition. Continued tight inventory can be even tighter in the winter months. With fewer homes on the market, sellers face less competition. A home that’s in great shape and shows well will stand out, giving it a better opportunity to sell.
If you are considering selling your home, a Long & Foster sales agent can provide you with a comparative market analysis of your home’s value, get your property ready for market, and guide you throughout the entire selling transaction, no matter the time of year.
Alternatively, if you’re planning to take advantage of the low interest rates and buy a home, a professional Long & Foster agent can help you prepare so you’ll be ready to make a winning offer.