Los Gatos Weekly Times

Realtor.com survey finds 64% of 2022 sellers plan to list by summer’s end

- By Rose Meily

A recent Realtor.com survey of 3,000 consumers conducted in February shows homeowners are gearing up to sell this spring and summer. According to the report, 64% of prospectiv­e 2022 sellers anticipate doing so within the next six months with high expectatio­ns for making a profit. Today’s sellers expect to ask for relatively affordable prices and include a higher share of millennial­s than last spring, suggesting that more Americans plan to upgrade from their starter homes

“While sellers are expected to hold the upper hand in 2022, navigating the listing process remains a challenge, particular­ly for those also buying in today’s fast-paced market,” said George Ratiu, Senior Economist & Manager of Economic Research at Realtor.com.

“Although accelerati­ng inflation is leading to higher housing costs and living expenses, many buyers remain interested in finding a home. At the same time, recent housing

trends suggest demand is beginning to moderate as higher mortgage rates push monthly payments out of some buyers’ budgets, underscori­ng the long-term need for more affordable inventory.”

Almost two-thirds (64%) of prospectiv­e 2022 sellers anticipate listing a home within the next six months, with 9% already listed and the remaining getting ready to list within the next 30 days (11%), 1-3 months (24%) or 4-6 months (20%).

When asked why they are planning to list in 2022, wanting to profit off the current market tied with their home no longer meeting their family’s needs (each at 31%). Sellers’ motivating factors behind moving

also reflect the impact of pandemic trends, such as wanting different features after spending so much time at home (15%) and no longer needing to live near their office (14%).

Millennial­s represent nearly half (49%) of sellers who plan to list within the next six months. Many in this group anticipate selling at relatively affordable prices.

“Millennial homeowners would play an important role in adding to the supply of starter homes,” said Brett Caviness, president of the Silicon Valley Associatio­n of Realtors. “In Silicon Valley we are seeing more listings come into the market, but not a lot more, so this is good news for first-time buyers who face fierce competitio­n for limited available starter homes.”

Among steps successful sellers took to prepare their home for listing were repairs and updates (59%) and cleaning and declutteri­ng (67%). Minor cosmetic updates (53%) were the top repair sellers made before listing. Nearly as many fully repainted interiors and replaced flooring (47% each).

Majority (80%) of recent sellers sold at or above their asking price. Other top benefits of the competitiv­e market included buyers forgoing repair concession­s (28%), offers within a week (27%), and waived contingenc­ies like inspection­s (25%).

“Homes in Silicon Valley are in the market a median seven days, but even with the tough competitio­n for homes in our region, Realtors caution buyers against nonconting­ent offers,” said Caviness. “While waiving contingenc­ies may help you secure a home in a bidding war, purchasing any property involves a certain amount of risk. Contingenc­ies mitigate a buyer’s exposure to them. A good Realtor can help you determine the types of contingenc­ies to consider to ensure you are making a wise purchase.”

Informatio­n provided in this column is presented by the Realtor members of the Silicon Valley Associatio­n of Realtors at www.silvar.org. Send questions on any topic to rmeily@silvar.org.

Newspapers in English

Newspapers from United States