If you take a look at the chart below, you will see the rise in housing prices between Dec. 2019, Dec. 2020 and then Dec. 2021. Notice in Rockwall County alone, home values increased on average by $96,500 in just two years.
Springtime is coming so peak season is just around the corner. If you are worried about whether or not now is a good time to sell still, you probably should not be! Inventory remains low in the area and prices remain high. The outlook for sellers right now is still quite good!
Most experts predict that housing prices will continue to rise in 2022, but perhaps not at the same startling rate as in 2021. Predictions of appreciation run the gambit between 3 percent to 20 percent. Our guess is that appreciation will be closer to 10% this year, while NAR predicts modest appreciation of about 5.7 percent.
Now if you are wondering whether this year holds the same sort of market in store as 2021 as far as multiple bid situations and homes going for 30% or 40% over asking price, this may not be the case quite as dramatically in 2022.
One other thing to keep an eye on this year is rising interest rates. Last year , rates hit a record low of 2.65% but have risen steadily and are now at about 3.10%. Basically, it is still a great time for buyers, in that they can qualify for more house with less money, but if rates continue to rise, you could see some buyers drop out of the market.
So on that note… Let’s talk preparing to sell! Last year, you probably could have gotten away with not worrying about those small repairs or doing tons of deep cleaning and de-cluttering. But this year, sellers may want to perform a tad bit more prep before listing your home on the market!
As any good realtor would normally advise their seller, you should start by making small repairs, taking care of your lawn and curb appeal and cleaning and decluttering the home.
We would not advise ignoring these small aspects of the sale as they can make a huge difference on number of offers, price of offers and whether or not buyers will overlook your property for another. It probably isn’t the best idea to count on buyers skimming over dirty carpets or broken tiles just because there is not much inventory out there this year.
Here’s is my top list of items for prepping your house for the sale in 2022! This is the top list we recommend to all of our clients and it works wonders!
I always recommend to start with curb appeal, which means edging the lawn! It makes such a huge difference, and the lawn should be 2″ in height. Also, don’t forget to power wash the sidewalk, porches, and driveway. Add some fresh mulch and trim all shrubs off the home by 2″ (VA loans require this). If you have extra money, I would also recommend painting the front door and trim. After all, the outside is the very first impression your home will make on a potential buyer!
Now, once you get inside, here are my top 5 recommendations:
BONUS IDEAS: Make a “Top Ten List” of things you love about your home and leave it on the counter! Think about why you bought the house in the first place, what about the neighborhood and location, or favorite room of the house? This way buyers not only see the house, cut can learn about things that might not immediately stand out on the walk through!
Also, turn on all the lamps and lights in the house. Add some background music with your Alexa. Fluff couch pillows, light a single candle and put it on a kitchen counter or table. Set the thermostat to 72 degrees.
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