To sell your home or not to sell your home–that is the question. Whether it is better to sell now or to wait has a different answer for different homeowners.

Reasons to Sell Your Home in 20222

Homebuyer Demand

Demand for homes is still as high as in 2021, if not more so in some areas due to diminishing demand. Homebuilders are building fewer new homes as working from home and going out less compels more people to abandon their city rentals to stake out a more accommodating plot in suburbia for their new, more homebound lifestyle. Awareness of the competition this demand creates among homebuyers also compels more would-be sellers to stay in their homes.

Home prices hit record highs during the COVID pandemic, reaching an average of 12-percent appreciation over 2021. While this appreciation is expected to slow considerably in 2022, the trend is still toward price appreciation and not the reverse. The estimated appreciation in home prices for 2022 is 2.9 percent.

Low Interest Rates

During the COVID pandemic, mortgage interest rates hit record lows. Housing experts expect mortgage interest rates to rise this year. However, they still remain at comparably low rates, historically speaking. According to Realtor.com, the average mortgage interest rate will remain close to 3.3 percent in 2022, rising only to about 3.6 percent near the end of the year.

Homebuyers are eager to capitalize on these rates, increasing the pool of potential buyers, while homeowners still have time to take advantage of these low rates to upscale, downscale or simply change their living situation once their home sells.

You Have to Move

Whether you've got a new baby entering the home or all the kids have gone off to college, if you got a new job or been relocated–whatever the reason–if you have no real choice but to move, then selling your home now rather than waiting is not a choice either but a necessity.

Reasons to Wait to Sell Your Home

You Recently Refinanced

If you just refinanced your mortgage, you probably improved your financial situation enough to stave off a financial impetus to sell. If, instead, you took out a home equity loan or line of credit, especially to make improvements in your home, you may feel more compelled to remain in your home.

You Don’t Know if You Can Afford to Move or Find Another Home

Even if you sell your home, you may still not be able to afford your next home. And, even if you can afford a home, it doesn’t mean you can necessarily find one in the area you want at the price you want, or that a seller inundated with offers will accept yours.

Recap

There are ample reasons to decide either way whether or not to sell your home in 2022. If you’re unsure which option is better for you, a real estate agent in Baton Rouge can help you make that decision.