4 Things To Keep in Mind If You Are Planning To Sell Your Home in 2022
We are still in a window here in the Coachella Valley housing market where it’s a good time to be a buyer or seller. Though sellers still have the upper hand and home prices continue on an upward trajectory, interest rates (at least in the short term) remain favorable for buyers.
If you’re going to sell your home this year, though, be sure to keep these four pointers in mind.
1. Don’t Wait For The Landscape To Change For Buyers.
Though mortgage rates are higher right now than they were at any point in 2021, they’re still competitive from a historical perspective. That could change as the year moves along. Rising interest rates coupled with other economic factors could play a role in causing buyers to become more hesitant to make a purchase. If you haven’t read the last three months of market updates outlining what likely lies ahead with the Fed’s plans to fight inflation, we are anticipating interest rates to rise significantly, reducing buyer demand in the upcoming months (Read Article Here). If your goal is to sell your home this year, it pays to get your property listed sooner rather than later.
2. Knowledge Of The Market Is Key.
There may only be a handful of homes for sale in your area right now, but that doesn’t mean you can just name your price. Be mindful of price points for competing homes. You don’t want your home to be the most expensive listing in the neighborhood, unless there’s an obvious reason for it — such as having a notably larger lot, extensive upgrades or amazing pool and spa, when most other homes don’t have one.
Listing your home at the right price first is key in this market to ensure buyer traffic is heavy, and you have multiple offers to choose from. If a home lasts past a week, buyers start questioning what might be wrong with the property.
3. Invest In Repairs Over Upgrades.
You may be tempted to update your home before listing it to attract more buyers. But here’s the thing about updates: Rarely do you get your full investment back. If you spend $15,000 to redo parts of your kitchen, that might result in an extra $10,000 in resale value, but your chances of getting your full $15,000 back are pretty slim.
That’s why you’re better off focusing on home repairs rather than upgrades. Be sure to get ahead of the items you know will come up on a request for repair, or that a buyer will likely object to. However, don’t rip out perfectly good cabinets or countertops if there’s nothing technically wrong with them.
4. The Agent You Choose Can Make Or Break You.
The market highly favors sellers, and buyers have been clamoring for homes, which may tempt you to sell your property yourself or work with a discount brokerage that will list your home on the MLS and let you take care of the rest.
Don’t do it.
The right agent will understand exactly where the market is for your home today (pricing factors are literally changing from week to week). They can provide feedback on what repairs your home does, or does not need and market your home to the right buyers. Or better yet, an experienced agent may have buyers that they are already working with that are ready to make an offer right away. Partnering with the right agent, who is committed to quickly maximizing your net proceeds, with the least effort and stress for you, will be of great value to you in this market.