Owners who postponed selling during the pandemic – perhaps waiting for a sign that price increases were slowing – appear ready to list their home within the next six months. Many, however, plan to overprice it – and they expect bidding wars to push the final price even higher.
A survey conducted by HarrisX for realtor.com, however, suggests that many of those people might be planning to list their home in 2022, with 65% of them planning to do so this winter and spring. Many sellers, however, want to set an asking price higher than they think their home is worth, and they expect buyer bidding wars. Early 2022 home listers may have an advantage, “As buyers race against the clock of rising mortgage rates, sellers who price their homes in line with today’s market and stick to their plans will likely see their expectations met.” says George Ratiu, manager of economic research for realtor.com.
When will sellers list?
- 65% in the next 6 months
- 19% have already listed
- 36% are researching and preparing to list
Top reason for selling? More time at home during COVID
- 33% want more home features
- 37% need more space
- 32% want to move closer to friends and family
- they want to make a profit
- will ask for more than the value
- want a quick close
Price range changes
- Sellers with homes at the core of the market ($351,000-$750,000) remained the same over March (29%). However, more sellers plan to list in the $500,000-$750,000 price range.
- More than three-quarters (77%) of prospective sellers would be willing to accept a lower offer to close quickly versus just over half in March (54%).
- Compared to spring sellers, a higher number plan to take alternative routes to moving out, such as living with family initially (19%) or temporarily renting their home back from the buyer (29%).
If you have been holding off from listing because of the pandemic, now is the time to move forward.