Sellers: Expect Multiple Strong Offers this Season
Many are wondering what to expect this 2022 selling season. We’re about to dive
into the expectations for this selling season and answer some of the questions
that a lot of sellers have coming into the new year.
The winter season has traditionally been a slower time for home sales. The
guidance in the past has been to wait for the warmer months of spring before
listing. However, the current real estate market has created a strong seller’s
market and if you’re considering a move, it may be better to sell now rather than
risk a slowdown if interest rates rise in the coming months.
Well-priced homes have always attracted multiple offers. Often these proposals
varied in strength, allowing the seller to easily make the best decision based on
price and terms. In this current climate, with inventory so low, well-qualified
buyers are searching for homes and making swift decisions. As a result, sellers are
receiving multiple, strong offers.
According to recent data by the National Association of Realtors®, the average
seller receives 3.7 offers on their home. These are typically well-qualified, serious
home buyers and many are all-cash. While this is a good “problem” to have, it can
also lead to confusion as sellers struggle to choose the right offer.
So what does all of this mean for you during this 2022 selling season? Working
with your agent, consider each offer carefully and review both price and
terms, such as contingencies and close date. Remember that the value for any
buyer financing the purchase will be subject to an appraisal; this will prevent you
from accepting an unrealistic offer that may cost you time and money if the
appraisal doesn’t support the value and you need to start over.
The bottom line is that this is a great time to sell your home. If you’ve been
considering a move, no need to wait for spring.
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For more real estate news and statistics visit the National Associates of Realtors.