Seller’s Market Persists but Won’t Last Forever

Now is the time to list before spring comes and inventory—and competition--grows.

“The good news for sellers is that buyers looking for homes are expected to outnumber the homes for sale,” says an article at NextAdvisor.  “If you plan on making any major changes or upgrades before listing your home, you’ll want to get that process started as soon as possible.”

Recent findings from the Consumer Confidence Index concur that consumers will be home shopping in great numbers.

“The proportion of consumers planning to purchase homes…over the next six months…increased” despite the lingering impacts of inflation and ongoing concerns surrounding the pandemic.

However, the favorable conditions for sellers may not last long as more homeowners choose to take advantage of strong buyer demand.  The anticipated increase in homes for sale as spring arrives will offer buyers more choices and create greater competition for sellers.

“Buyers may still face bidding wars, but they aren’t likely to be as intense or frequent,” says NextAdvisor.

“That means sellers may not be as selective when choosing between offers.”

Buyers, then, will also experience a shift this season with potential for greater flexibility in making offers—“even if you aren’t necessarily getting a deal on the price,” the article says.

Here are important considerations for both buyers and sellers heading into 2022’s home buying season, according to the experts:

Buyers

·        A seller’s market will persist although it will not be as strong as the heights reached in 2021.

·        Home prices will rise but not as quickly as last year.

·        It remains important for buyers to stick to their budgets and avoid panic buying.

Sellers

·        Don’t expect bidding wars to drive up sales prices.

·        Start preparing now if you intend to list your home—labor and supply shortages mean longer time to project completion.

·        Remember real estate is a local business and some markets may be stronger than others.

Whether you’re a buyer or a seller, 2022 is shaping up to be another interesting market.  Knowing evolving trends will help you make your best decisions.

Are you ready to list?

Post authored by Lora Bray.

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