Homeowners in Hampton Roads have been asking us when the best time to sell their house is in 2022.Why? They want to get top-dollar for their home, of course! Contrary to popular belief, putting your home on the market in Spring and Summer in Hampton Roads is NOT the best time to get top dollar. In fact, this is one of the factors fueling a profitable market right now!
Basic economics tells us that to get top dollar, you need low supply and high demand. When real estate inventory is low, but tons of people want to purchase a home, you can ask for more money, and voila, you get top-dollar! So the question becomes when is supply low, but demand high? The short answer—now!
Do Not Wait To Sell In 2022
Let’s first discuss why you shouldn’t wait to sell your home in Hampton Roads. If a majority of people think that Spring and Summer is the best time to sell, a surplus of houses hit the market during these seasons, making the supply skyrocket. Remember, we’re looking for low supply to fit into our equation for the best time to sell. Although demand might be high April-August, without a low supply, you’ll have a harder time getting top-dollar with fierce competition.
However, families still choose to put their homes on the market in these seasons because they assume demand is the highest during this time, but that’s simply NOT the case! Demand is always high in Hampton Roads, and its surrounding counterparts. People are continually moving in and out all year long, meaning, there are always buyers looking to purchase a home. In addition, serious buyers MUST buy during the Holiday season and into the winter. Therefore, when you sell now, you’ll likely have more showings with serious buyers who are extremely motivated to move, who make a higher offer even if your home isn’t their “dream home!”
Now Is The Best Time To Sell
In 2021, we saw the highest home prices ever, but, as you know, prices can’t go up and up forever. Ultimately, we don’t know what the rest of 2022 will hold, but today, we have the highest prices on record, so we suggest you go with the market and take advantage of this opportunity before it’s too late! A perfect storm, so to speak, is brewing in our real estate market. On top of the high demand and low inventory:
- Interest rates are still extremely low. Keep in mind that a rate increase of just 1% will impact the average buyer’s purchasing power by over $40,000!
- Rents are also very high right now. This pushes more people into the real estate market. When rent is low, they tend to wait.
- Coming up in 2022, inflation is expected to rise. Increasing inflation traditionally raises interest rates, which reduces the buyer pool that can afford your home.
How To Unlock Your Home’s Potential
If you’re thinking about selling your home in 2022, you need to act fast to take advantage of this incredible market and get more money in your pocket. We get our clients on average $30,500 more than when they work with another agent. Get your home matched with one of our buyers. We have over 13,600 buyers in our system that are ready to buy a home now. Call us now at 804-486-7388!