SHOULD I SELL MY HOUSE IN 2022?

Is it a good time to sell a house right now? The basic answer is... well, yes. Home prices rose tremendously in 2021 and your home may have gained as much as $50,000 in value last year alone, but the market is beginning to shift...

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!

What Will Real Estate Look Like in 2022?

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!

PREPARING FOR SELLING YOUR HOME IN 2022!

Curb appeal, small repairs, cleanliness and decluttering!

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!

BASIC GUIDE FOR PREPARING FOR THE SALE...TO GET THE MOST BANG FOR YOUR BUCK:

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:

CLEAN, CLEAN, CLEAN! I mean every crook and cranny. This includes cabinets (inside and out), floors, baseboards (use a broom to do the dirty work first), counters, fixtures, backsplashes, mirrors, light fixtures, doors, doorknobs, door frames, fans and AIR VENTS, too.
LIGHT BULBS, SMOKE DETECTORS & FILTERS! Replace all light bulbs with natural light lightbulbs, replace all HVAC filters, replace all batteries and make sure all smoke detectors are working along with the CO2 detectors! If you have money in your budget, make sure there is a smoke detector in each bedroom and hallway.
CARPETS! Have carpets cleaned prior to listing and photos.
FRESH PAINT! (IF YOU HAVE MONEY IN THE BUDGET)Fresh paint does wonders and gives a feel of a more updated home, even over most other expensive items or updates. Use a neutral color like Agreeable Grey or Alabaster by Sherwin Williams.
FINALLY… DECLUTTER! This is probably the biggest one… Pack everything you have not used in a month. Space sells in a home and when you remove the items you don’t need, it allows others to see why you love your home. The rule of thumb is to reduce what’s in the home by about 50 percent. This also gives you a head start on moving and will relieve some stress in the end. Don’t forget to mark your boxes though so you can find anything you need!

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.

Now you're ready to sell and show off your home in its best light!

If you’re considering selling, we hope we have given you plenty of information to consider and to help you plan for the future! As always, we are ready to serve you and await your call! If we can be of service to you or your friends or family this upcoming year -- whether you are looking to sell, buy, invest or lease your home, give us a call at M&D anytime!