Los Gatos Weekly Times
Realtor.com survey finds 64% of 2022 sellers plan to list by summer’s end
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 email@example.com.