Here are the top 10 reasons to sell your home now in 2022. If any of these reasons resonate with you, contact us to navigate this market and sell your home.

1. The Demand for Homes is High

  • The number of buyers in the Twin Cities market outweigh the number of houses available. In order to have a balanced housing market in the Twin Cities metro area, there would need to be approximately 18,000 homes for sale.
  • The Inventory of Homes for Sale as of February 2022:
    • 2,930 Single Family Homes
    • 705 Townhomes
    • 650 Condominiums
  • These numbers are record lows for the Twin Cities housing market, which explains why prices are high and homes are selling fast once they hit the market.

2. Houses are Selling for High Prices

Homes were selling for high prices in 2021 and they’re only getting higher in 2022. In February 2022, the median home sales price was $371,539 – almost 12% higher than in February 2021!

  • What does this mean for sellers?
    • A buyer will likely offer to purchase a home for a higher price than the advertised selling price.
  • In February 2022, Twin Cities homes in the $250k-$350k range sold for 102.9% of list price, gaining sellers almost 3% extra on the sale!
  • Price per square foot is also on the rise – up 11.7% since 2021. Single Family homes in the Twin cities are now averaging about $192 per square foot compared to $171 last year at this time.

3. Homes are Selling Quickly

When a seller accepts an offer for their house, a typical closing period takes 30-45 days to process the loan and complete the title work for the transaction.

The average closing period has decreased dramatically over the last year. Currently, the average time to sell a house in the Twin Cities is 27 days– down from 41 days in 2021.

4. Buyers are Waiving Inspections

  • In the past, buyers have been guided to elect a home inspection in order to validate the sale price and ensure the house does not have any unforeseen problems.
  • Right now, many buyers are waiving inspections in hopes of submitting the most competitive offer and getting the chance to become a homeowner.
  • Sellers still must disclose any material defects and provide the buyers with as much information as possible. It is a huge investment and it is helpful when sellers are forthcoming with any issues they have dealt with or discovered during their stewardship of the home.

5. Home Appreciation

Homes have appreciated increasingly over the past two years, an average of $17,000 in equity according to data from CoreLogic. Many homeowners are choosing to cash in on that equity and make a move to their dream home.

6. You’re Ready to Upgrade to a Bigger, Better Home

Although prices are higher, you can use it to your advantage. If you’ve been in your home for awhile and have saved enough for a downpayment on a new house, you could buy your new home before selling your old home. This is a huge advantage in this market and we’ve seen great success with our own clients.

In early March 2022 we helped a client buy a newer house that is twice as large as the first home she purchased about four years ago. Once her new house was under contract, she listed her old house for sale-- it sold with multiple offers, over asking price, and in just a few days!

7. Your Housing Needs Have Changed

Whether it's working from home, getting engaged, or having a baby—everyone’s had big life changes since the pandemic started. Many people are spending more time at home than they ever have before and are starting to see their needs have changed.

Perhaps you’ve found yourself daydreaming about more bedrooms or a kitchen built for entertaining. Now is the perfect time to find the home of your dreams, and cash out on your old house while the demand is high.

8. You’re Ready for a New Location

Are you looking to be closer to family (or farther? We won’t ask questions.) Or maybe you’re living in the city and daydreaming about wide, open spaces. Either way, we can help make your move seamless.

9. Supply Chain

Many new construction developments and home builds have been delayed as supply chain issues were exacerbated by the COVID-19 pandemic. On top of the supply delays, material costs rose significantly, which means less people are going the route of building homes. An already low supply of homes means homes are selling as fast as they hit the market.

Thinking ahead-- As supply chain issues are solved, home inventory will begin to grow, likely creating a less desirable sellers market in the future.

10. Should I Sell My House Now or Wait Until 2023?

With interest rates rising, there’s no telling how long the high buyer demand will last in the Twin Cities housing market. What we know now is that there is huge demand for homes, decreasing days on the market, and increasing prices–it’s a great time to take advantage of it and sell your house!

Let us know  if you have any questions about selling a home in the Twin Cities. One of our experienced realtors will be in touch as soon as possible. 

We can start the process today!

Visit our blogs about Selling Your Home or Selling Your Multi-family Investment Property.