Should I sell my house in 2022?

2022 is still a seller's market if you're looking to take advantage – but it's important to note that the market is not as competitive as it was in 2021. You may have heard stories about sellers able to find buyers to take their home as-is, or in some cases, even without an inspection in 2021.

rocketmortgage.com - Should I Sell My House Right Now Or Wait? | Rocket Mortgage

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Just like there are good reasons to sell your house, there are also good reasons why you should consider waiting. Let’s go over a few scenarios where selling your home right away may not be the best choice.

If You Don’t Have Enough Equity

As you pay off the principal balance of your mortgage, you build equity in your home. If you have a lot of equity established, you will profit more from the sale of your house. When you sell a home, you should make enough from the sale to pay off the remainder of your mortgage plus any closing costs. The remainder of the money earned in the sale is then paid out to you as profit. If you don’t have much equity built in your home, you could get stuck breaking even on the sale – or worse, having to pay to get rid of the house because the costs of the mortgage and closing costs exceed what you made in the sale. Having little to no equity can be a serious problem and could even mean your mortgage is underwater. An underwater mortgage is when the principal balance of your loan is higher than the actual market value of your house. This can happen when property values fall or when you miss mortgage payments. If you’re in this situation, it may not be possible to sell your house without paying a significant amount out of pocket to complete the sale. This scenario is not as common right now due to the demand for homes. If you haven’t built much equity in your home yet, you may want to wait to sell it until you can do so for a profit. There’s a saying that you should generally stay in a home around 5 years before selling to make sure you at least break even on the sale.

If The Supply Is High

If the housing market is flooded with more homes than there are buyers – in other words, a buyer’s market – you should also consider waiting to sell. A buyer’s market can make real estate transactions somewhat difficult for home sellers because it puts them at a disadvantage. As the seller in this situation, you’ll be competing for the attention of buyers and may have to sell for less than you hoped initially – or you could get stuck making compromises for your potential buyers, such as promises to repair certain aspects of the house before the sale, etc. It’s definitely not impossible to sell in a buyer’s market, so it shouldn’t be taken as a death sentence if the national housing market were to eventually go in this direction - it just isn’t as ideal of a selling environment as a seller’s market can be.

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If you can afford to sell your house but not to make a down payment on a new one, you should also wait to sell a home. Just because you can make enough on the sale of your house to cover your old mortgage and closing costs doesn’t mean you should. If you break even or don’t profit much on your sale, remember that you will need a significant amount of capital to close on a new house as well. When buying your new home, there will be more closing costs, lender origination fees and the down payment to think about. If you don’t have enough saved to afford your next purchase, you may want to wait to sell your home.

If You Have Incomplete Renovations

If you’re in the middle of remodeling your kitchen, you might want to pump the brakes on listing your house as well. Unfinished home improvements can be a huge turn off to potential buyers and could drive away home buyers that may have otherwise been interested in the property. It’s a good idea to finish any remodeling projects that you have in progress before listing your house for sale. If you have a situation where you need to move urgently and have renovations in progress, talk to a real estate agent or REALTOR® about your options. You may have to consider selling your home “as is,” depending on the state of the remodel.

rocketmortgage.com - Should I Sell My House Right Now Or Wait? | Rocket Mortgage

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