Real Estate Market Report – February 2022
In this month’s real estate market Report – February 2022, we continue to witness a similar trend as in the prior month. This is a seller market! Affluent buyers, millennials who qualify to purchase property, and many renters recognize homeownership’s benefits. Homes are selling within days of being presented for sale to the public. This is unlikely to change anytime soon. In fact, Bluewater Real Estate has helped more sellers in 2022 than the year to date in 2021.
What is an important key takeaway? For every seller that sold their home through Bluewater Real Estate, we found a home too! Homes are available; they are simply moving at a rapid pace. It’s crucial to be prepared ahead of time and to be able to act quickly, and we can help you get there.
Real Estate Demand Is Very Strong
According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), 6.18 million homes were sold in 2021. This was the largest number of home sales in 15 years. Lawrence Yun, Chief Economist for NAR, explains:
“Sales for the entire year finished strong, reaching the highest annual level since 2006. . . . With mortgage rates expected to rise in 2022, it’s likely that a portion of December buyers was intent on avoiding the inevitable rate increases.”
Demand isn’t expected to weaken this year, either. In addition, the Mortgage Finance Forecast, published last week by the Mortgage Bankers Association (MBA), calls for existing-home sales to reach 6.4 million homes this year.
Right Now, Sellers Have Maximum Leverage
As mentioned above, when there’s strong demand for an item and a limited supply of it available, the seller has maximum leverage in the negotiation. For homeowners thinking about selling, there may never be a better time than now. While demand is this high and inventory is this low, you’ll have leverage in all aspects of the sale of your house.
Today’s buyers know they need to be flexible negotiators that make very competitive offers, so here are a few areas that could tip in your favor when your house goes on the market:
- Competitive sales price
- Flexible closing date
- Potential for a leaseback to allow you more time to find a home
- Minimal offer contingencies
Thinking of selling your primary or investment home? We can connect you with a pre-vetted real estate agent here in Carteret County or your hometown! Our connections run locally, nationally, and globally.