Published September 26, 2022
2022 remains a sellers’ market, plus a few tips for buyers
Happy Fall of 2022!
It seems the housing trend has continued into the autumn season; the low housing inventory and high number of qualified buyers has resulted in an ongoing sellers market. The number of live listings on the market has gone down 27% since this time last year, that’s a market shortage of 6.5 billion homes. As we approach the end of 2022, towards the start of 2023 interest rates will almost certainly be rising, so sellers, take advantage of the sweet spot we’re still in right now.
If you're looking to list your home, here are a few applicable rules to follow:
- Price your home correctly! Its tempting to think back on those sweet prices folks were listing at back in spring of this year and feel a little miffed. We cannot expect those record high offers to be rolling in this day and age.
- Make your home look darn good! You hope to stand out to buyers shopping in your area, the best way to do that is to look awesome, and clean and fresh and ready to party. Repair anything that looks shabby, update stuff where its notable, plant some bright colored flowers and paint all those indoor walls white.
- Decide on your minimum acceptable sales price, and write that sucker down. Once you receive some offers, know that if they're above your minimum price, that’s great! You can use it as your reference point to keep you realistic in your process of adjusting expectations.
Buyers, don’t be down ya’ll, its not so bad! Interest rates have not gotten crazy. Even though the listings are limited, your dream home might be one of them, and you can still get it at a reasonable price!
Here are 3 tips to apply to your search:
- Expand your mind! Become more open to both different criteria, and a broader search area. Options exist we may not have previously considered, stay open to them.
- Check out different financing options! There are a bunch of different types of mortgages out there, different down payment amounts, and a variety of eligibility standards. Not qualifying for one option, does not mean all is lost. Keep searching.
- Look for grants and down payment assistance.
- Check out downpaymentresource.com, and look into getting some help coming up with a down payment. Some community organizations have grant programs, or the knowledge of how to find them and apply. It doesn’t have to be insurmountable, help is out there, in a very attainable way.
