The real estate market has been intense. Low inventory, skyrocketing prices, and incredible competition has left many homebuyers frustrated and many potential home sellers off the market. If sellers can secure new living conditions at a decent price, how can they put their current place up for sale?
Here at vipHomeLink, we understand and want to help you navigate the uncertain waters of the 2022 real estate market. That’s why we surveyed more than 200 real estate agents across 14 states to find out what you need to know to buy or sell your home fast.
Secret #1 – Real estate agents are optimistic for buyers
For many potential homebuyers, the last few years have been frustrating at best and downright depressing at worst. However, many real estate agents are optimistic for homebuyers in 2022. While many foresee high rates through the middle of 2022, they also see some relief coming from an unlikely source – interest rates.
“I’m eager for a more balanced market believing that higher interest rates will do the trick. This hyperactivity is a negative drain on buyer, seller, and agent motivation.”– a real estate professional based in Charlotte, North Carolina, with more than 11 years of experience
While some first-time and low-income buyers may still struggle, higher interest rates can help to increase inventory and lower selling rates.
“Rising interest rates will price some buyers out of the market. Housing inventory should increase. Markets could start to move towards a better balance.”– a real estate professional based in Duluth, Minnesota, with more than 30 years of experience
So don’t give up, buyers!
Secret #2 – You don’t need to wait to sell your home
Many survey respondents mentioned that low inventory has fueled the current housing shortage, so as a seller, you may be worried. If you sell your home now, where will you go? If you’re looking to downsize, you may even lose money if you need to pay more for a smaller home than you initially paid for your larger one.
But with prices still high, you may not want to wait to sell your home because – let’s be honest. You may not get this much for your home again.
“Sellers having confidence that they will find another home or seeing options of how to buy without selling – this will open up some inventory.”– a real estate professional based in Bemidji, Minnesota, with more than 11 years of experience
While it may not be the best scenario, home sellers may want to sell their homes now but not buy a new one. Of course, it’s not fun to move your stuff into storage and stay with relatives or find an apartment for a few months, but that can get your home sold fast. Once interest rates rise, you can find your new dream home at a lower price point.
Secret #3 – If you can be flexible, be flexible
You have fallen in love with a home, but with low inventory, you may only have a few choices – if any at all. If you’re able to work from home, you may want to consider looking at several towns instead of setting your heart on one or two. You most likely will need to compromise on your wishlist, so know what your “must-haves” are before you start your search.
“Buyers learned to manage expectations.”– a real estate professional based in Atlanta, Georgia, with more than four years of experience
Also, be ready to compromise again if you can’t find a home with everything. You may need to buy a less-than-perfect home but one you can put your own personal touches on.
“Buyers are more resourceful in utilizing their own resources of cash or personal connections to address homes that may not be decorated or finished to their personal preferences.”– a real estate professional based in Harmony, Minnesota, with more than 21 years of experience
Secret #4 – Price your home to move (realistically)
While prices have skyrocketed over the last few years, many homes won’t sell if they’re priced out of range. As always, it’s important to price your home to move if you want it to move.
“Overpriced properties will continue to struggle. Properties priced well will sell quickly. More millennials will be buying. Working from home will positively affect our market.”– a real estate professional based in Morehead, North Carolina, with more than four years of experience
Depending upon your home, you may not have to do many upgrades or improvements before you sell.
“People were able to sell no matter what the condition of their home was. I think it’s going to be a lot of repeat and a slow in the fall.”– a real estate professional based in Littleton, Colorado, with more than 11 years of experience
Secret #5 – Be ready to buy or sell
Fortune favors the fast, so when you find a special house you think can be your next home, it’s best to be prepared to actually buy it.
“Not as much procrastination by buyers. Now, they have to decide quickly.”– a real estate professional based in Plano, Texas, with more than 30 years of experience
This also means you should be preapproved for the amount you can offer. Likewise, home sellers should be ready to sell when putting their homes on the market. If it’s priced well, it may sell sooner than you’re ready to go.
Secret #6 – You need an agent to conquer the market
In today’s fast-paced real estate, you can’t leave your success up to chance. Now more than ever, you need someone in your corner who can give you tips for scoring or selling your home, and the pandemic has highlighted the value real estate professionals deliver throughout the process.
“2020 & 2021 helped validate the need for real estate agents to facilitate transactions and get deals to the closing table for buyers and sellers. There was a value add to our services.”– a real estate professional based in Saint Simons Island, Georgia, with more than 11 years of experience
You’ll want to choose an experienced professional who will be a wealth of information and have relationships across the real estate spectrum to find those hard-to-know listings or even homes before they go on the market.
For sellers, it’s important to have someone in your corner to maximize the offers and help you through the entire process.
“2021 real estate is a very strong market, on another level, really, and I feel like agents are more appreciated for what we do because of it.”– a real estate professional based in Kissimmee, Florida, with three years of experience
Give your house a home
Now that you’re in your “new” home, you’ll need to take care of it. vipHomeLink can help! Our home management app helps you know what to do and when to do it with personalized reminders for home maintenance. The app also sends you tailored recommendations for home improvement and puts expert guidance at your fingertips with our in-app vipTIPS.