What Does Selling in 2022 Look Like?
Here’s what you need to know before you sell your home in 2022.
Are you thinking about selling your home in 2022? San Diego’s supply is extremely low, so buyers will be scrambling to offer an amazing deal. Besides our supply, what does selling in our current market look like?
In 2021, six million homes were sold across the U.S., which is the highest number of sales in 15 years. We’re expected to see this level of demand again in 2022; however, interest rates will increase. In response to rising rates, many sellers may hang on to their houses, further exacerbating our supply shortage. In San Diego, we currently have 0.6 months’ worth of inventory. This means that if no new homes hit the market, our current supply would sell in nearly half a month.
Meanwhile, homes are selling quickly. The average number of days it takes for a home to sell in San Diego is seven. It may even be less than that since it usually takes four days or so to negotiate and pick the best offer. Of course, this is assuming your home is marketed and priced correctly. If you sell in 2022, make sure you pick a great real estate team to help you navigate multiple offers.
"It’s been a seller’s market for a while, but it hasn’t been like this."
Because of our low supply and high demand, sellers have the upper hand. Buyers are willing to be very flexible to get their offers accepted, so you could easily get a deal that fits all your needs. That being said, we recommend you practice caution when pricing your home. Buyers are trained right now to offer over asking price, so if you price your house high initially, many will assume it’s out of their budgets. Instead, we recommend starting with a reasonable price and letting competition drive it up naturally.
If you sell now, you can find a buyer offering minimal contingencies, a great price, and anything else you need. If you need to stay in your old home while you shop for a new one, buyers are willing to give that to you. It’s been a seller’s market for a while, but it hasn’t been like this. Recently, we sold a house that had 30 offers for $100,000 over the asking price.
If you have any questions about selling your home or anything else related to real estate, please give our team a call. We’d love to hear from you!