Should You Sell Your House Now? Signs Say: Don’t Wait

Are you planning to sell your house in Metro Detroit in 2022? As a Homeowner, I’m sure you don’t like the thought of losing money on the sale of your home. Unfortunately,  waiting could decrease your bottom line.

 Waiting To Sell Your House In Metro Detroit Could Cost More

As you plan out your goals for the year, moving to your ideal home may top the list. But, how do you know when to make your move? As I was preparing this blog, I had a considerable shock; Mortgage Rates jumped much higher than predicted due to inflation. You want to time it just right so you can get the most out of the sale of your current house. You also want to know you’re making a good investment when buying your new home. What you may not realize is that opportunity to get the best of both worlds is already here. Let’s review the 2022 Housing Market Forecast to get you started.

You don’t want to wait to spring into action. The current market conditions make now an ideal time to move. Here’s why.

1. The Number of Homes on the Market Is Still Low

Today’s limited supply of houses for sale puts sellers in the driver’s seat. There are far more buyers in the market than homes available, which means buyers are eagerly waiting for your house. Listing your house now makes it the center of attention. As a seller, that means when you price your home correctly, you can expect it to sell quickly and get multiple strong offers this season. Just remember, experts, project more Inventory will come to market as we move through the winter months. The realtor.com 2022 forecast says this:

“After years of declining, the inventory of homes for sale is finally expected to rebound from all-time lows.”

Selling now may help you maximize the return on your investment before your house has to face more competition from other sellers.

2. Your Equity Is Growing in Record Amounts

Thanks to today’s home price appreciation, current homeowners are sitting on record amounts of equity. According to the latest report from CoreLogic, the average homeowner gained $56,700 in equity over the past 12 months.

That much equity can open doors for you to make a move. If you’ve been holding off on selling because you’re worried about how rising prices will impact your home search, rest assured your equity can help fuel your next move. It may be just what you need to cover a significant portion – if not all – of the down payment on your next purchase.

3. While Rising, Mortgage Rates Are Still Historically Low

In January of last year, mortgage rates hit the lowest point ever recorded. Today, rates are starting to rise, but that doesn’t mean you’ve missed out on locking in a low rate. Current mortgage rates are still far below what they’ve been in recent decades:

• In the 2000s, the average mortgage rate was 6.27%
• In the 1990s, the average rate was 8.12%
• Freddie Mac is now over 4%

Experts Projections on Mortage Rates

Experts are projecting rates will continue to rise throughout this year. As the Feds pull out pandemic relief, they have shifted gears to combat inflation. The jobs market is strong and has low unemployment, so it just means we are moving to a more normal housing market. Remember, in the last 2 years you’ve had unprecedented gains in equity and you are putting more down on your new home. If interest go down you can always refinance at the lower rate. Still a huge Win.