Housing market experts predict a year of continued high demand andrising home prices in 2022. With many eager buyers and few homes on the market,the housing shortage will likely continue, though ease eventually. The low supply of homes on the market in many parts of the U.S. contributes to rising home prices, making it a seller’s market that benefitshomeowners who are choosing to sell now.
Here are three reasons you should sell your home in 2022:
InterestRates Are Expected to Rise, But Remain Fairly Low
It's been several years since mortgage interest rates last reachedhistoric lows, but they're expected to climb in 2022. This may be discouragingnews for home sellers, but it's important to remember that rates arestill relatively low compared to previous decades. So, while rates may begin to rise next year, they'll still start off the year at low levels.
As of December 9th, the average interest rate for a 30-yearfixed-rate mortgage was 3.1%, according to Freddie Mac. In recent months,officials from the Federal Reserve have indicated that an interest rate hike may occur in 2022, largely in order to combat inflation. However, there is also speculation that the Fed will wait until 2023 to increase interest rates. Mortgage interest rates move independently of the Fed's set rates, but they often echo hikes and drops set by the Fed.
Even with potentially higher interest rates in 2022, they arestill predicted to remain low when compared to historical rates. Realtor.comestimates that mortgage interest rates will average 3.3% throughout the year, and potentially rise to 3.6% by the end of 2022.
While this promises affordable mortgages, there is still animbalance between the number of properties on the market and the number ofbuyers who are looking for a home. This is likely to cause home prices to rise, even with low-interest rates.
You'reReady to Take Advantage of Buyer Demand
Home prices are continuing to rise in many areas, and bidding warsare becoming more common. This trend is expected to continue into 2022,especially for entry-level homes.
Entry-level homes are typically the lower third of home saleprices for an area. First-time homebuyers are often drawn to these homesbecause of their affordability.
You Needto Move
It's still possible to sell your home and find a new one even ifyou need to move for any reason. While you may be worried about your ability topay your mortgage if you lost your job, selling may be a valid option. However, many people are also choosing to move to another state for a change of pace or because they need more room for a growing family.
In a market with fast home sales, your home is more likely to sellquickly due to the lack of available inventory- especially if your property ispriced at or below the local entry-level price range.
Selling Because Of A Divorce
Some people find themselves in the predicament of having to sell their house fastbecause they are going through a divorce and would like to liquidate theproperty and be done with it. To get a valid opinion as to your rights concerning real property and divorce, make sure you get a second opinion from a competent attorney who specializes in this area of law.
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