Why Arizona Sellers Have an Once-in-a-Lifetime Chance Currently
A once-in-a-lifetime chance awaits you if you’re planning to sell your home in 2022. When you’re trying to sell something, you always want to make sure there’s a high demand for it and a low supply. This gives you the most clout in the sale negotiations. That’s exactly what’s going on right now for home sellers!
Consumers’ Interest Is Peaked
6.18 million homes were sold in 2021, according to the latest Existing Home Sales Report from the National Association of Realtors (NAR). The number of homes sold this year was the highest in 15 years. Lawrence Yun, the National Association of Realtors’ Chief Economist, explains:
In the last quarter, sales reached their highest annual level since 2006. There is a good chance that some of December’s buyers wanted to escape the projected jump in mortgage rates in 2022.
This year’s demand is not likely to decline. Existing-home sales are expected to hit 6.4 million units this year, according to the Mortgage Bankers Association’s (MBA) latest Mortgage Finance Forecast, released just last week.
There is a Very Limited Amount of Homes Available on the Market.
According to the same NAR sales data, inventory levels have fallen to their lowest point in more than a century. As stated,
December’s total housing inventory was 910,000 units, down 18% from November and 14.2% from a year earlier” (1.06 million). In November, unsold inventory was sitting at a 2.1-month supply, and by December 2020, it was down to a 1.9-month supply.
The truth is that December is a time when inventories tend to drop. Real estate has a normal seasonal trend, and that’s what happened here. The next graph, on the other hand, illustrates how this December was the lowest since 1999.
Currently, Sellers have the most leverage possible.
If a product has a high demand and a limited supply, the seller has a lot of sway in the negotiation. For homeowners considering a sale, now may be the best moment to list their property ever. Because demand is so strong and supply so low, you’ll have a leg up on the competition when it comes time to sell your home.
You may be able to get a better deal on your house if you can show buyers that you’re willing to work with them and make very competitive offers.
To Sum It Up
Now is the best time to put your house on the market if you plan to sell it this year. The best way to place your home on the market today is to get in touch.