Despite it being a seller’s market heading into the new year, not all homeowners should be making the decision to list their property. There are a number of important considerations to make before deciding if selling your property is the best decision for your financial needs in 2022.
Why You Should Sell Your Home
- Life Dictates the Need to Move – The best reason to consider selling is that you simply need to move. Whether that be to relocate for work or because you need to downsize or upgrade, this is the most practical reason to pull the trigger.
- To Take Advantage of Low-Interest Rates – Although interest rates are expected to climb slightly in 2022 as the Federal Reserve makes moves to curb inflation, the rates will still hover near historic lows. This makes it a good time to buy a new house, especially if you are ready to list sooner rather than later in the year.
- To Harness the Hot Market – There is no doubt that the real estate market is hot nearly everywhere. This presents an ideal opportunity to list your property in the hopes of seeing a bidding war to drive up the purchase price of the home.
Why You Should NOT Sell Your Home
- Concerns Over Finding a New Home – While you may have good luck getting top dollar out of your existing home, the caveat is that you also may experience difficulties finding a new place that works for your needs. High demand is combined with supply chain issues to create low inventory. Be sure to understand what is available to you before you make the move to list your home.
- Recent Refinancing – It is also generally a good idea to hold off on selling if you have recently refinanced your home. Many savvy homeowners have been taking advantage of the low-interest rates to refinance. If this is your situation, you want to make sure that you understand the financial implications of buying again so shortly. It also makes more sense to simply refinance your existing home if you have not already done so.
- Worries Over Affordability – When it comes to making a move in the real estate market, timing is truly everything. If you are worried about the affordability of a new home, it is a good idea to hold off on any major decisions. Although the hot market may provide great opportunities for you to maximize what you can get for your current home, you are also likely going to encounter difficulties finding a new home that you can afford. You need to ensure that you run the numbers carefully before making this decision.
A professional real estate agent in Estes Park can help you to work through these considerations to help you to determine if you should sell your home in 2022.