The year 2022 continues the real estate industry’s strange times tale, and there are many methods to make your listing stand out in the ever-changing Philadelphia markets. Here are 5 trends to help you sell your house in Philadelphia to assist you attract as much buyer interest as possible and get your home sold quickly.
Historically High Prices
The common thread through the last few years of high home prices is going to remain the same through 2022. This does a couple of things for you as a home seller.
For starters, sell your house in Philadelphia pricing above any data before to 2020 will be simple. Second, a greater price ceiling gives you more leeway to price your property competitively in comparison to comparable for-sale homes in your neighbourhood.
Another factor to consider is that, as rents have risen significantly since the outbreak of the global pandemic, more long-term renters are throwing in the towel and considering buying.
Needs Have Changed
It’s no secret that day-to-day life and work culture has adapted to a new normal in recent years.
Buyers are now searching for areas in their houses where they can set up a dedicated workstation if needed. Another component of this shift in lifestyle is buyers looking for homes where they can balance career and family life. Many parents who work from home have been tasked with parenting while attending meetings, and being able to fluidly transition from one position to the other and back is now a reality for many.
When it comes to generations, multigenerational houses are becoming more common, as two or three generations of a family pool their wealth to buy a home that will remain for decades.
Highly Motivated Buyers
When the global pandemic first hit, the real estate market saw both buyers and sellers rethink their situations and wait things out to see what was going to happen.
Since then, we’ve seen the usual rush of new buyers mixed in with old bidders who were present last year but couldn’t quite get the bargain they wanted. This influx of purchasers has led to a situation where demand for housing much outnumbers supply.
New development has traditionally been a mitigating influence in balancing supply and demand. However, the higher expenses connected with new development have contributed to its demise.
Fluctuating Interest Rates
The Federal Reserve has already increased interest rates once this year, and they have begun discussing the possibility of doing it again.
This means purchasers will have a harder time getting a mortgage and will end up paying more in interest once they’ve closed on your house. Expect buyers to tread carefully through the bidding battles we’ve been accustomed to, making it more difficult to sell your home in 2022.
Another thing to bear in mind is that allowing a bidding battle to get out of control could result in disaster if the negotiated price is far more than the appraised value of your home. Mortgage lenders are wary of issuing a loan on a home that could put them in debt right away.
Location Isn’t Everything
They know that beggars can’t be choosers, especially with the tidal wave of purchasers approaching. The ancient adage “location, location, location” is being flipped on its head as buyers abandon traditional methods of house hunting in favour of simply locating a home that meets their fundamental necessities.
Good schools and closeness to retail remain matter – and should be noted in your listing – but they are no longer the be-all and end-all of a home’s selling factors.
Professional Help to Sell Your House in 2022
If you’re looking to sell your house in Philadelphia, contact our team today at (215) 385-3055!