The housing market is humming right now. The pandemic prompted a lot of people to reevaluate how they live, and many decided they wanted more room. At the same time, remote work has freed buyers to live farther from the office, and that shift is shaping who's buying and what they're looking for. If you're thinking about selling in 2022, here are six things to keep in mind.
1. Choose an Agent Who Can Market Your Home Well
Most buyers start their search online, so how your home is presented there makes a huge difference. A strong agent or brokerage should arrange professional photography, field questions from interested buyers, and manage the sale from start to finish. Look for someone with marketing tools that can put your home in front of thousands of potential buyers. Your agent should also be present at showings, which adds a layer of security for you and strengthens your position when it's time to negotiate.
2. Prices Are Climbing, With One Caveat
Rising prices are good news for sellers, and homes with extra room, like a space for a home office, are especially in demand. But keep in mind that if you're buying your next home, your money may not stretch as far as it would have five years ago, since prices have jumped considerably. Work out your budget ahead of time so you can decide whether now is the right moment to sell.
3. Be Ready for Things to Move Quickly
With demand running high, your home could sell faster than you expect. Sit down with your agent and make a plan in case that happens, and make sure your paperwork is up to date so it doesn't hold things up. Depending on your situation, your plan might include:
- Putting your belongings in temporary storage
- Renting for a while as you get to know a new area
- Getting a head start on finding your dream home
It would be a shame to pass on a great offer simply because you weren't ready to move.
4. Buyers Are Looking for Space
Months of lockdowns left many people craving more room. That makes a thorough declutter essential, so your home feels open and buyers can picture themselves living there. Temporary storage can be a big help here. Open-concept living areas and a dedicated office are high on many buyers' wish lists. You don't need to add these features, but you can help buyers see how your space could accommodate them.
5. Cleanliness Counts More Than Ever
The pandemic put a spotlight on cleanliness. Buyers gravitate toward tidy homes with clean surfaces that are easy to wipe down. Once you've decluttered, a deep clean will help your home look fresh in photos and in person.
Buyers also tend to steer clear of homes that need major work, so stay on top of maintenance and make sure any warranties are current. You don't need a full renovation. According to the National Association of Realtors' 2020 generational trends report, simply tidying and decluttering can make a significant difference.
6. Millennials Are Entering the Market
More and more millennials are buying homes. They do their homework online and often look for larger, upscale homes with sustainable features. Solar panels or garden space for growing food can be a real draw for this group, a trend also highlighted in NAR's 2020 report.
Have Prices Topped Out?
Prices shot up during the height of the pandemic. They're still high, but there are signs that the pace of growth is slowing. That makes it important to work with an agent to price your home competitively and keep an eye on local trends.
Interest rates are low for now, but they could rise as the economy recovers, which means timing your sale matters. If you're considering selling this year, reach out and let's talk about the best time and strategy for your move.