True or False: Separating Fact from Fiction in the 2022 Real Estate Market is a fact check on common misconceptions in 2022. Impending doom? Housing crash? What if you sell and cannot buy? I am hearing a lot from prospective sellers who fear that if they take advantage of selling conditions that they will have to buy at inflated prices. I wanted to take a moment to go over some of the facts, and the fiction surrounding the state of the real estate market in 2022 in a true or false format.
First, true or false, buyers should wait until mortgage rates and home prices fall until later in the year. This is false. You could wait, but it will cost you. Experts anticipate both mortgage rates and home prices to increase for the rest of 2022. If you would like more information on this, please subscribe to my Youtube or follow on my blog at kimmyrolph.com.
Next, for sellers, true or false, if I ask more than what my home is worth, buyers are going to pay it. This is also False. Sellers do have the advantage in this market, especially on The Main Line with ongoing constricted inventory, but an overpriced home will not simply sell at any price you ask. I am a home pricing expert on The Main Line and assure you that home pricing to sell is based on very specific and local demand. Overpricing is a waste of your and your realtors time. Realtors who agree to list your home, overvalue, will likely just come back and ask for a price reduction. Home buyers are looking for homes, but not above market value.
Here is another true or false for sellers, Home renovations prior to listing mean you can list it for higher value. This is a trick true or false, but mostly false. Small upgrades will make your home more attractive to Main Line buyers, but large renovations rarely recoup the value you think they will because everyone has different taste. For large renovations, proceed with caution. My seller resources linked below has a number of videos that let you know just what renovations and upgrades yield the best results for sellers.
Lastly, a true and false for buyers, Buyers should waive home inspections to get my offer accepted. This is also mostly false. For certain purchases, waiving inspections may be OK, but really the inspections are a protection of your investment. They rule out foundation, water, and other damage that may not meet the untrained eye and can be felt financially down the line, if there is underlying and very costly damage that must be repaired. I do not recommend waiving inspections to get your offer accepted.
If you are looking to get your offer accepted and buy a new home, or you are looking to sell your home for the best possible value on today’s market, let’s have a fact based discussion on your home, your circumstances, and your real estate goals.
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