Make a big move in 2022- Buy and Sell Homes
When you buy and sell homes timing is everything, in life and real estate, so you want to make sure you get it right. This is important because it can impact both the sale price of a home and, in a competitive market, your chances of submitting the winning bid. Caleb Spears, a luxury real estate agent with Spears Group, based in Santa Rosa Beach, Florida, said while they have different implications for both, buyers and sellers should actually be looking for the same signals in 2022 — days on market and interest rates.
“Days on market tends to be a lead measure for pricing, and the two are inversely related,” he said. “What this means is that historically as DOM goes up, prices then come down and vice versa.”
The way you want this to trend will depend on which category you fit into — i.e., buyer or seller.
“For sellers, a rising number of days on market should be a trigger for you to sell while the prices are still peaking,” he said. “For buyers, if you see a trend of rising days on market across an area, then be patient.”
When it comes to interest rates, Spears said the current record lows are wonderful but unsustainable and likely to rise sometime in 2022.
“For sellers, this means that your buyer pool will begin to shrink and there will be less demand in the market once interest rates begin to climb,” he said. “This should lead to lower overall prices due to less negotiating power for sellers and a higher supply.”
“If you finance your loan, then your mortgage may end up at a higher monthly payment on a lower priced home,” he said. “This is a major factor in why many people are willing to buy a record priced home at a low interest rate.”
As for timing, Allan Prigal, a real estate agent in Gaithersburg, Maryland, said he believes the best time to buy or sell in 2022 will be the first quarter of the year.
“All indications are that mortgage interest rates will go up somewhat as the year goes on, with many saying the 30-year fixed rate may be as high as 3.6% in the 4th quarter of 2022 — [which is] still extremely low,” he said.
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