Should you sell your house in 2022? This is the question that many people are asking. Here are some pros and cons to try to help you determine should you sell your house in 2022 or hold on to it to sell in the future.
Why It May Be A Good Time To Sell Your House
Real estate prices are at all time highs
Obviously, if you bought your house a couple of years ago or more, your house’s value has appreciated a lot. As a result, you can surely sell it for significantly more than you paid for it. This is obviously a solid reason why you should sell now.
There is still demand for many houses
Last year, every house was selling quickly. This has slowed down a bit, but good houses in good locations are still selling quickly for high prices. If you live in a nice house in an area with high demand, it may be the perfect time to sell for top dollar.
There may be a correction in real estate prices in the near future
If mortgage rates continue to rise, it could slow the demand for houses. If this happens, there may not be many buyers interested in your house. If you are looking to sell within a year or 2, now may be the best time.
Why It May Be Best To Hold On To Your House
If you sell, you will have to rent/buy another house
As stated previously, real estate prices are at an all time high. If you sell your house, you still have to live somewhere else. As a result, you could end up gaining nothing from selling. If you are selling at all time highs, you are also buying at all time highs. Throw in the fees associated with buying and selling, and you could end up worse off than if you just held your house. Also, if you are considering selling your home and then renting, be aware that rents have soared as well in most places. However, if you are selling in a high demand market and planning to move to a lower demand market, this could be a great time to sell.
Many are expecting real estate prices to come down, but they could be wrong
Oftentimes, the market can slow down due to expectations. The federal reserve is planning to raise interest rates to combat inflation. This would cause mortgage rates to rise. However, the fed may not be able to raise rates as much as they would like. Once the market determines that rates will stay low, we could see another boom in the real estate market.
Demand has slowed for some houses
This year, we have noticed that houses are selling as fast or as high as they were last year. This could be a downward trend, or it could reverse moving into 2023. Last year, all houses were selling for high prices. Now, only certain ones are as stated above. You may want to wait and see if demand comes back to levels before rates were raised.
There are so many factors to consider whether you should you sell your house in 2022. Everyone is in a different situation, every house is unique, and every market varies. It is best to consider your current situation. Are you planning to stay in your area long term? You might want to wait to sell since you would have to buy another house at similar prices. Are you looking to move? Now may be the time to sell your high value property and find a discounted one in another area. Real estate is difficult to predict. Many factors are out of your control. The best place to start is to figure out what you can get for your house. Fill out the form below and we’ll make you a cash offer.