Debi Luxury Homes, Jan 2022
Home Sales during 2021 continued to be strong to the last day of the year. Year over year numbers were consistently better than 2020. Economists are predicting another year of price improvements but likely to be at a moderated rate. Inflation seems to be slowing a bit as our economy adjusts to the new normal working with restrictions that keep us all safe and healthy. The pent up demand that was the hot topic last year has worked its way thru all the seasons allowing the economy to "normalize". The Fed has again put off increasing interest rates which has kept mortgage interest rates historically low throughout 2021. Refinance activity has calmed down freeing resources to process the mortgage loans at a more typical 4-6 week turn around.
Buyers are still facing challenges finding homes in the below $400,000 price point. The higher price points have more inventory offering buyers more opportunities to find a home especially if they are willing to consider more than one town in their search. We are all hoping inventory will continue to improve over what it was in the beginning of last year.
Buyers are using creative strategies like giving sellers extra time to move, waiving inspections or ignoring the small imperfections all homes have to help get their offer accepted. Buyers are also using gifts and personal notes to sway a seller to chose their offer over the competition. We are still seeing multiple offers on all properties that are priced correctly.
Sellers who are considering making a move this year are encouraged to start the process by having a meeting with a professional realtor for two reasons the first is to avoid spending money on repairs that buyers will not pay more for AND the second and equally important reason is to set the right price so that buyers will want to come look at the house. The process of getting a home valuation will include free advice on what needs to be done to to prepare their home for sale. Items I often recommend include get the heating system serviced, pack up all items that are not absolutely necessary for daily life, wash the windows inside and out, deep clean the entire house and make a list of recent improvements made to the house. Take note, this list is mostly labor, very little money needs to be spent.
Prepared by Debi Hauer, Broker - Debi Luxury Homes at EXP Realty