If you read our update every week, you know we don’t like to make predictions. We will say, though, that the first quarter of 2022 may surprise people.
Most sellers put their homes on the market in April, May, or June. That’s likely to remain true next year, but we expect large numbers of homes to come on the market in January, February, and March. There are a variety of reasons for this.
Buyers are still looking to purchase homes, prices are high, and there’s not enough inventory. Therefore, if you’re a seller, it’s likely you’ll still be able to find a buyer quickly and sell for a great price.
There’s also pent-up demand to sell homes. From 1985 to 2008, the average tenure in a home was six years. From 2008 to 2020, the average tenure increased to 9.2 years! People have been staying in their homes longer than ever, and many want to move. We expect the average to go down to 7 or 8 years again soon.
Finally, after the subprime mortgage crisis of 2007 and the stock market crash of 2008, many people couldn’t sell their homes. They didn’t have much equity and feared the future. The future is still uncertain! Now, though, sellers have more equity in their homes; they’ve lived in them longer and prices have risen; so they’re in a much better position to sell than they were.
Most folks who decide to sell in 2022 WILL sell in the spring and summer. A large pool of buyers will be looking for homes during the first quarter. There will also be less competition from other sellers than during the second quarter. We believe it will remain a great time to sell a home.
The last couple of weeks have been slow due to the Thanksgiving holiday. The rest of this month will also be relatively slow. Come January, though, it’s likely we’ll have a good number of homes on the market and high demand for these homes from buyers.
If you plan to sell at any time during 2022, get ready now. Call David and Tom at The Principal Team at 720-782-2468. We can help you understand the value of your home, know which repairs you should make, and how to prepare your home for a fast sale.
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