Do you feel like somebody else is always getting the better end of the deal you're involved in? Wish there was a way that you could know, be absolutely certain, that you have the upper hand and get to dictate a situation? If you've been waiting for your moment to be a BOSS and you have a property to sell, then boy, do we have good news for you.
We can say unequivocally- there has never been a better time to sell a home. 2022 is shaping up to be a real estate year for the history books.
Due to the concerns about impending interest rate increases, the effect of the Marshall fire simultaneously reducing inventory and creating more buyers, continued supply chain and labor issues due to COVID, and the fact that new home building never caught up after the Great Recession, buyer demand is at an all time high and inventory levels are at all time lows.
These conditions have created an environment that favors home sellers in ways that we've never quite seen.
What does that result in for sellers?
- Get more than you ever thought you could. Offers are coming in as high as 15% - 25% over list prices.
- Sell in one weekend. Average days on market for most areas are 4-5 days.
- Have a stress free sale. Inspections are being all but completely waived.
- Know that your price is guaranteed. Appraisal contingencies are being (effectively) removed from most winning offers.
- Take all the time that you need and maybe even a little more. It is a given that sellers can rent-back their properties after closing for up to 60 days rent-free so they have plenty of time to finalize their new home purchase and move.
- Get your money fast. Quick closings (14 - 21 days) are often being offered.
There is hardly a thing that a seller could ask for that buyers aren't willing to provide.
If you have been considering a sale, now might be the time. Here are a few considerations:
What homes might be good to sell this year?
Thinking of moving out of town? This could be your optimal opportunity to cash out in a red hot market here before moving to (hopefully) a less expensive market elsewhere.
Investment homes: If you have an investment property that you are ready to exit from, now might be a great time to do that.
Homes with issues: If you own a home that needs work, buyers are more willing than ever to take on deferred maintenance.
Time to upsize or downsize: If it's time to move into something bigger or smaller, taking advantage of buyers' willingness to give you the extra time that you need to make the move less stressful may be a good fit. Also, leveraging the equity in your current home will allow you to make a much stronger offer on your new property allowing you to out compete many other buyers. Many multiple offer situations are being won by buyers utilizing this approach.
We have a lot more content coming your way. Stay tuned for more in the upcoming days about how to succeed in this market if you are a seller who needs to buy, financial tools you can use to compete, our listing package, and more.
If you have a friend or family member who is thinking about selling, feel free to pass along this newsletter.
Until next time!
Allison Benham and Ken Crifasi with K&A Properties