Here’s what sellers can expect from our 2022 housing market.
Today we’re going to give you the seller’s forecast for the 2022 housing market. If you want to sell, this will help you decide when and why.
The first thing to think about is interest rates. We’ve already seen them tick up to start the year, which is not normal. However, it goes to show how rates have to rise to compensate for all the volatility and inflation.
How do these rising rates affect you as a seller? Typically when rates go up, home prices will top out or drop off. The last time they tried to raise rates in 2014, everybody freaked out and ran around like chickens with their heads cut off. Nobody was buying, so prices froze.
Why does that happen? When rates rise, people get tentative. We haven’t seen big increases yet, so buyers are still pounding on the doors. We expect to see single- to double-digit appreciation in the first half of 2022. However, as rates go up, people will inevitably take a breath and pause.
If you’re a seller on the market at that point, it won’t be as good for you, so what should you do? Is it best to jump in now or wait? We always recommend you call us first; we can sit down, have a consultation, and answer all of your questions.
If you’re worried about buying, now is actually the best time to do so. As rates go up, homes become less affordable. You can sell your house now while prices are high and buy while rates are still low. Buying and selling at the same time might be hard, but we can help you with that. We helped so many people buy and sell while only moving once last year.
If you plan on selling an investment property, that can be tough. With rising rates and prices, rent will go up as well, but there is an opportunity in this market. If you own a smaller property, you may be able to sell it, then buy a larger property at a lower interest rate.
Whatever you plan to do, the first step is to meet with us and get all of your questions answered. Feel free to call or email us to set up a consultation. We look forward to talking with you.