Housing market statistics show continued good news for the home owner who wants to sell your house fast. The nationwide median sale price in March 2022 rose 13.5% from March 2021 to a record-breaking $405,000 (Monthly Housing Trends Report).
During this time period, sellers, on average, received 1.4% over the asking price for their homes. In fact, nearly half of all sold homes were purchased for more than the asking price.
Despite this, homeowners, by and large, are still not putting their homes on the market. To add to a homebuyer’s woes, new home construction is at a standstill for many builders.
“… supply chain disruptions from the pandemic have meant garage doors are on back order, floor tiles keep getting discontinued mid-construction, and appliances are marooned aboard waylaid shipping vessels,” according to Alicia Wallace at KCRA.com.
There’s rarely been such an ideal time to sell your house fast – but that time is now. You’ll have little competition and will enjoy record high prices.
But, as the saying goes, “this too shall pass.”
Mortgage Rates Are Rising
The Fed warned us that interest rate hikes were coming and they came through on the promise. We can expect a total of “… seven quarter-of-a-percentage-point interest rate hikes this year,” according to Ann Sipher, (citing Chicago Federal Reserve President Charles Evans) at Reuters.com.
He adds a caveat, however: “because the economy is facing uncertainty, I reserve the right to change my mind.”
With every mortgage rate hike, home buying becomes more expensive, so a number of homebuyers are knocked out of the market. When fewer people are fueling the demand for homes, prices soften. So if you want to sell your house fast, do not let inertia win. Take action today. Now.
We’re hearing, in fact, that some housing market experts are predicting the nationwide housing market will cool as we near the end of 2022. I believe it will happen sooner.
“The higher rates and prices go in 2022, … the more buyer pushback we should see next year,” Devyn Bachman with US housing industry research and consulting service John Burns predicts at fortune.com.
Are you willing to take a chance that you will get less for your home in the future than you will if you sell now?
Consider this, your neighbors sold their homes and became statistics in this market. So if you want to sell your house fast like them, don’t wait for headlines to change. At that point, the ability to sell your house fast may be over.
“Better Three Hours Too Soon Than A Minute Too Late”
No, William Shakespeare wasn’t referring to the real estate market when he wrote those words in 1602 (The Merry Wives of Windsor). But the importance of not procrastinating fits this discussion.
Trying to time the market – waiting on the sidelines for the right time to jump into the local housing market to sell your house fast – isn’t a wise move. Here’s why:
All markets are cyclical, including the housing market
You can watch all the economic indicators available and still be getting only part of the story.
And, since none of us have a crystal ball, the odds are good that your home is worth more now than it may be down the line.
According to the researchers at CoreLogic, “In the fourth quarter of 2021, the average homeowner gained approximately $55,300 in equity during the past year.”
Think about this. That is a substantial rise in equity and it could help make the transition into your next home a lot more comfortable. (If you’re still on the fence and need a nudge to jump off, this essay may be just what you need).
For instance, that equity will help you pay a larger down payment on your next home, which could mitigate the effects of a higher interest rate on your mortgage.
To Sell Your House Fast Takes Action NOW
I’m happy to put you in touch with a trusted lender who can help you crunch numbers. At the same time I can provide you a complimentary, no-obligation analysis of your home’s current market value.
I can’t reiterate it enough: to sell your house fast, take advantage of this historic real estate market. One day you’ll look back with no regrets as you made the right decision, at the perfect time.
