Top 6 Things You Need to Know Before Selling Your Home in 2022
The real estate market is busy right now. The pandemic has allowed people to rethink their lifestyles and look for more space. Technology has shown that many jobs can be done remotely, which opens up the potential for people to live further from their work. All these affect real estate sales, so if you are planning to sell your home in 2022, here's what you need to know.
1. Find a Good Real Estate Agent To Market Your Home
A lot of property research is done online these days, so having a best-in-class real estate company to market your home is vital. They should take professional photos, deal with inquiries and manage the selling process for you. They should have access to marketing tools that will get your home seen by thousands of people. Real estate agents will also accompany viewers to your home, which gives you additional security and selling power.
2. Inventory is low, for now
If you are selling your home, the good news is that real estate prices are rising, there is demand for homes with more space, such as an office, and there aren't many options available for homebuyers. However, as more homes begin to hit the market, and as interest rates rise making the mortgage a bit more expensive, buyers will feel the pressure to slow down and consider their options. Selling in 2022 will still likely be a profitable experience, but might not bring some of the gains we saw in 2020 and 2021 when buyers were buzzing to buy whatever they could get. You'll want to rely on good marketing to create the buzz in 2022.
3. Be Prepared for a Fast Sale
The demand for homes means that houses can sell faster than you think, so work with your agent to plan for what you will do if you do get a quick sale. You need to ensure all your documentation is up to date so it does not delay the selling process. Think through various scenarios such as putting your belongings into storage temporarily, renting a property while you research an area, or starting to look for your dream home. If you get a good offer, it would be a shame to decline it because you don't have a plan of where to go.
4. People Want Space
The pandemic has seen people confined to their homes, leading to a craving for more space. An important thing to do if you are selling is to radically declutter your home so it looks spacious, and anyone viewing it can see the potential for living space. If necessary, put some belongings into temporary storage to make your home clutter-free. Trends on a home buyer's wish list include open plan living and an office area. You don't need to do all that to your house, of course, but let a buyer visualize the potential. They can't do that if the place is cluttered.
5. Clean Areas Are Vital
COVID-19 also taught us the importance of keeping things clean. People looking at real estate today are looking for tidy homes with clean surfaces that can be wiped down easily. Give your home a deep clean after your declutter to look fresh and appealing. When your real estate agent markets your home, a clean space is more appealing to people.
People are also looking to avoid extensive renovations right now, so making sure your property is up to date with maintenance and warranties is essential. You don't have to do a complete renovation if you are selling. Just tidying the place and keeping it clutter-free makes a big difference.
6. Millennials Are Buying Homes
One of the trends affecting the real estate market is that Millennials are increasingly looking at buying homes. They do most of their research online and are not only looking for bigger and more up-market homes but want sustainability too. If you have solar panels or garden space where food can be grown, these trends appeal to millennials.
Have Housing Prices Peaked?
During the height of the pandemic, house prices rose significantly. While they are still high, there are indications that this has slowed. It is worth working with your real estate agent to market at the best price and be aware of the local trends if you are selling.
Interest rates remain low but could increase as a consequence of the financial recovery post-COVID pandemic, so getting the timing of your sale right is vital, and that's where a discussion with a real estate will set you on the right track.