The most common question we are getting asked by homeowners in 2022 in Richmond, Virginia is, “When is the best time to sell my home?” Like most homeowners, they want to get top-dollar, of course! We’re going to tell you what we’ve told them: contrary to popular belief, the Spring and Summer markets are NOT the best time to sell your home in Richmond. In fact, this is a common misconception that is actually one of the factors that is fueling a profitable market right now!
You see, to get top dollar, you need low supply and high demand—this is basic economics. When real estate inventory is low, but tons of people want to purchase a home, you can ask for more money, and voila, you get top-dollar! So the question becomes, when is supply low, but demand high? The short answer is NOW!
Waiting Will Cost You Thousands
Let us first tell you why waiting until Spring/Summer could cost you thousands. If a majority of people think that Spring and Summer is the best time to sell, a surplus of houses hit the market during these seasons, making the supply skyrocket. Remember, we’re looking for low supply to fit into our equation for the best time to sell. Although demand might be high April-August, without a low supply, you’ll have a harder time getting top-dollar with fierce competition.
Despite this fact, people still choose to put their homes on the market in these seasons because they assume demand is at its peak during this time, but that’s simply NOT the case! Richmond, and its surrounding counterparts, are among the few places that can be characterized as “transient.” Transient describes an area where people are continually moving in and out all year long, meaning there are always buyers looking to purchase a home. Demand is ALWAYS high! In addition, people who are moving during the winter are usually very serious buyers that need a home as soon as possible. Therefore, if you put your home on the market now, you’ll likely have fewer showings with people who aren’t even pre-qualified, and more with people who are extremely motivated to move. Right now we are seeing that people are making higher offers even if they haven’t found their “dream home!”
The Perfect Market Conditions
2021 proved to be a highly lucrative real estate market. We saw the highest home prices ever, but, as you know, prices can’t go up and up forever. Ultimately, we don’t know what 2022 will hold, but today, we have the highest prices on record, so we recommend you go with the market and take advantage of this opportunity before it’s too late! We are seeing a perfect storm, so to speak, brewing in our real estate market. On top of the high demand and low inventory, interest rates are still extremely low. Keep in mind that a rate increase of just 1% will impact the average buyer’s purchasing power by over $40,000! Rents are also very high right now, pushing more people into the real estate market. Alternatively, when rent is low, they tend to wait. We also want to remind you that coming up in 2022, inflation is expected to rise. Increasing inflation traditionally raises interest rates, which reduces the buyer pool that can afford your home.
How To Get More Money In Your Pocket
In conclusion, if you’re thinking about selling your home in 2022, you need to act fast to take advantage of this incredible market and get more money in your pocket. We get our clients on average $30,500 more than when they work with another agent. Get your home matched with one of our buyers. We have over 13,600 buyers in our system that are ready to buy a home now. Call us now at 804-508-6689!