Why Waiting To Sell Your House Could Cost You a Small Fortune?

Why Waiting To Sell Your House Could Cost You a Small Fortune
by Kevyn Pitts - October 11, 2022

Because historically speaking, over forty percent of house sales take place between the months of April and July, many homeowners who own homes and have plans to sell in 2022 may believe that waiting until the spring purchasing market is the prudent thing to do. On the other hand, we anticipate that this year will be rather different from the norm. Rather than waiting until spring to put your home up for sale, here are five compelling arguments in favor of doing so right away.

Buyers Are Looking Right Now, and They’re Ready To Purchase

Data from more than six million property showings that are planned each month across the United States are compiled and reported by the ShowingTime Showing Index. To put it another way, it is a measurement of the number of prospective buyers who are currently touring available houses.

The most recent index, which looks at showings in November, demonstrates that there is still a significant amount of interest among buyers in the market. The figures for this November have been compared to those from past years, and this graph demonstrates that the index is significantly higher than it was during the three years before to the epidemic. It is also greater than it was last year. There is a clear increase in the number of potential buyers looking for your property.

Additionally, only prospective buyers who are truly interested in purchasing a property will be active on the market at this time of year. You and the people you care about won't be bothered by random people searching the area. In a recent blog post, Freddie Mac discusses this topic as follows:

"Generally speaking, buyers who are willing to look for a home during the winter months, when there are fewer possibilities available, are more serious. Additionally, consumers have additional spending power as a result of year-end bonuses and overtime payouts.”

According to the number of prospective purchasers that have a purchase agreement in place for a property at this time, that notion is now bearing out to be accurate. The Pending Home Sales Index is a measurement of the amount of housing contract activity that is released on a monthly basis by the National Association of Realtors (NAR). It is based on real estate contracts that have already been signed for single-family houses, condominiums, and co-ops that are already on the market. The most recent index reveals that

“…housing demand continues to be high. . . . Homes placed on the market for sale go from ‘listed status’ to ‘under contract’ in approximately 18 days.”

When compared to other Novembers in the past, this November's index is only marginally lower than November 2020 (the month when sales were delayed until later in the year because of the pandemic), but it is significantly higher than the Novembers of the preceding three years.

Other Sellers Plan To List Earlier This Year

According to the principle of supply and demand, if you want to sell your home for the highest possible price and successfully negotiate the parameters of your ideal contract, the optimum time to do so is when there is a high level of buyer interest but fewer other options available.

According to the findings of a recent survey conducted by realtor.com, homeowners who are planning to sell their properties say they will not wait until spring or summer to do it, as they did in past years. According to the findings of the survey, 65% of homeowners who intend to sell their property in 2022 have either already placed an ad for it on the market (19%) or have plans to do so over the winter months.

Again, if you want to get the greatest price for your home and be in the best position to negotiate the other conditions of the sale of your house, listing your property before the competition enters the market is the smart thing to do.

Newly Constructed Homes Will Be Your Competition in the Spring

Over 979,000 new single-family homes were given the green light for construction through the use of building permits in the year 2020. Because of the epidemic, there has been a significant lack of available labor, which has led to bottlenecks in the supply chain. As a result, many of these homes have not yet been constructed. On the other hand, they will be finished in the year 2022. When it comes time to sell your house, that will make the market more competitive. You should give some thought to competing with freshly built homes that have not yet been placed on the market in order to increase the likelihood that potential purchasers may show interest in purchasing your property.

There Will Never Be a Better Time To Move-Up

Think about making the move now if you're planning to buy a larger and more expensive property in the near future. Over the course of the next year and a half, it is anticipated that prices will rise by around 5 percent. If you delay, it will end up costing you more money in the long run, both in terms of the down payment and the monthly mortgage payment. You may also secure your home costs for the next thirty years by locking in a mortgage rate in the low threes right now. If you are considering selling your home in 2022, you may want to consider selling it now rather than waiting since it is anticipated that mortgage rates will continue to climb throughout the year.

It May Be Time for You To Make a Change

Consider the reasons behind your desire to sell in the first place, and consider whether or not it would be beneficial to wait. Is putting off getting closer to the people you care about now more essential than waiting? Is it more vital to wait than it is to take care of your health? Is it more necessary to wait than it is to have the space that you genuinely require?

You are the only one who can provide an answer to such inquiries. As we go into the year 2022, be sure to give yourself some time to reflect on your ambitions and the things that are most important to you, and think about what you should be doing right now.

Bottom Line

If you have been debating whether or not to sell your house and are curious about the market conditions in your area, talk with a local real estate professional who can help you decide the best time to put your house on the market and who can also provide you with information regarding the market conditions in your area.

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