It’s still a home seller’s market. But how long will sellers still have the upper hand? Homeowners are wondering just that and weighing whether to cash in now before the bottom falls out of the topsy-turvy real-estate market.
According to a new report from the real estate listings website Realtor.com, the best time to list a home for sale in 2022 will be the week of April 10 to 16.
During that same week in 2021, there was a 20.9 percent increase in the number of views each listing got on Realtor.com, compared to the average week throughout the year, MarketWatch reported. This was an indication there was higher interest in home buying during that week. The real estate listing website’s data showed that the same should hold true this year.
Homes typically sold for more as well — 1.4 percent more than the average week, meaning the national median listing price could be as much as $5,000 higher than average based on the prices seen in 2022.
“Sellers’ positions seem to continue improving,” Realtor.com economic research analyst Hannah Jones noted in the report. “But there are some ongoing shifts and potential changes in the market that are worthy of noting.”
Although homebuyer demand “seems resilient” and inventory of homes on the market remains low, experts say sellers should act sooner than later, MarketWatch reported.
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“There’s growing concern that U.S. house prices are again becoming unhinged from fundamentals,” according to officials at the Federal Reserve Bank of Dallas.
Experts say there are various reasons why today’s red-hot housing market could cool down in 2022.
If inflation continues to rise, mortgage rate increases could price some buyers out of the market. Buyers will have less money to spend on a house as mortgage rates rise, financial adviser Brian Cohen told The Wall Street Journal.
This could result in home prices going down, which means sellers will be getting less for their property. So if sellers want to cash in, now would be the time to do so, experts say.
Black homeowners have been missing out on the housing boom as the Black homeownership rate is now lower than it was a decade ago.
While more Americans own a home now than in any year following the Great Recession, the same cannot be said for Black America, according to real estate trade association National Association of Realtors (NAR).
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Black homeownership, at 43.4 percent, remains lower than it was a decade ago. This is nearly 30 percentage points below the white homeownership rate of 72.1 percent, CNN reported.
“Today, homeownership is the principal source of wealth creation for most American households,” said Marcia L. Fudge, Secretary of the Department of Housing and Urban Development, in a statement. “Unfortunately, NAR’s report confirms that Black Americans are being locked out of homeownership opportunities at an even higher rate than a decade ago.”
Secretary Fudge added: “It is critical that we bridge the racial homeownership gap with intentional solutions that recognize both the persistent history of discrimination and inequity and the current crisis of housing affordability.”
Black homeowners who sell might get a lower price because they have seen their homes disproportionately undervalued. A 2018 report from Gallup and the Brookings Institution revealed widespread devaluation of Black-owned property in the U.S, which was discussed in a 2019 hearing before the House Financial Services Subcommittee.
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