If you are thinking of selling your home but don’t think it is a great time to buy this might not be the case. It is a tough time to purchase with buyer demand and higher prices, but the incentives to sell outweigh the frustrations of being a buyer. 
According to NerdWallet’s 2022 Home Buyer Report, 89% of current homeowners do not want to list their homes for sale right now. The majority said this was due to finding a new house and paying too much for a new home. Current homeowners do have the upper hand still. A seller will get top dollar for the home that they are currently selling. This will compensate for the challenging market. The inventory is still low and multiple offers are still out there. Homes are still selling within days with multiple offers.
The report found that close to twenty-six million Americans plan to sell their home within the next year. Usually, this number is reported at 5 million to 6 million homes sold each year. The high demand with low supply has caused record-high prices. According to the National Association of Realtors, the average sales price in 2019 was $270,000 while in 2021 it was $344,000. Sellers do not have to reduce their asking price, and many are getting over asking.
Selling your home today is not as stressful as it was before the pandemic. Closings are happening in shorter time frames along with fewer sacrifices on the seller’s end. With multiple offers, buyers are giving up contingencies and closing much faster to win the bid. According to the National Association of Realtors, three-fourths of sellers did not have to offer incentives in 2021.
If a seller is willing to move to a more affordable home, then this is definitely the time to sell and purchase a new home. If you are willing to move to a more affordable home, you can make a larger down payment and reduce your mortgage terms. Remember if you are in the market to both sell and purchase a home, you need to find a local real estate agent who can help you through the entire selling and purchasing process.
