Winter is typically a slow time for home sales. But will that be the case this winter? Not quite.
If you’ve written off the idea of selling your home until spring ’22, think again!
Read more to learn a few things you need to know about selling your home this holiday season.
Supply and demand
The demand for housing this year has been higher than in previous years. This isn’t going to suddenly drop with the temperature, or even once the holidays kick into gear.
All signs suggest that housing demand remains high. Due to this high demand and low inventory, winter is likely to be the time to sell.
Although the number of homebuyers house hunting for the holidays may be lower, these buyers mean serious business.
With supply chain issues slowing new home construction, many buyers haven’t found their dream home and will still be looking for it this winter.
Home prices have peaked
Prices are at an all-time high. But there are signs that they are going to level off.
Check your local market to see what other homes are selling for and how long they stay on the market.
Talk with your Real Estate Agent about adjusting your listing price accordingly. We’ve got you covered!
Increased interest rates
What inspired many buyers to shop for Real Estate this year was the record-low interest rates. As of right now, the 30-year fixed-rate loan interest rates are 2.98%. But this is predicted to increase.
The Mortgage Bankers Association estimates interest rates rising to 3.1% by the end of 2021 and 4% by the end of 2022. These increasing rates could encourage buyers to be more competitive going forward.
If I sell, where will I live?
Most home sellers plan to buy a new home after they’ve sold theirs.
But if this is your plan, be warned that you may find yourself in the same hot seat as buyers.
Have a game plan. Ask yourself where you’ll move once your home sells. A strategy to avoid selling your home without a place to live is to add a “home of choice” contingency.
This is where your sale depends on your ability to find a new home within a certain time frame. If you can’t, you call off the deal.
It’s a strong seller’s market this winter so sit down with your realtor and decide what’s best for you!