If you want to sell your house fast in Royal Oak, it is essential to stay up-to-date with market trends. There is no point in selling your property if the housing market is too slow. After all, you will not receive a fair value for your home. Every owner expects the best market value on their property. With an understanding of upcoming trends, you can choose what works the best for you.
Back in 2020, in the beginning of the pandemic, most real estate experts expected a recession-induced housing market. But it turned out to be a flourishing year for the real estate market. On the contrary, other industries experienced a significant hit back by COVID-19. Numerous homeowners took advantage of this and sold their properties at a fair cash offer.
At Detroit Cash For Homes, we have helped many homeowners to sell Royal Oak Homes fast from 2020-2021. However, several people missed this opportunity because they thought the real estate market would be going through inflation. Will it continue to boom in the coming year? Let us explore this below. We have listed the top predictions of the housing market in 2022.
- Sellers to overtake the market
Unlike 2021, 10% of homeowners in the U.S. are likely to list their properties in the next year. Also, the Federal Reserve plans to keep the price low till 2022. Therefore, buyers can choose from several options in the market. It clearly shows that home sellers will troop the real estate market in 2022.
- More days on the market
As of now, if homeowners price their houses right, they are likely to receive multiple attractive offers. Additionally, it takes 25-45 days to sign an agreement with a buyer. In 2022, the days on the market may increase because of more inventories and less competition.
- Sellers facing foreclosure can get cash equity
In the past four quarters, the number of homeowners missing mortgage payments has increased significantly. For example, nearly 5.4% of property owners lag behind four or more mortgage payments. On the other hand, 2-3 payments were missed by around 3% of homeowners. This means we could expect a flood of foreclosures in 2022.
As per the data by ATTOM, nearly 90% of homeowners behind mortgage payments have 10% of home equity, while 70% of defaulters have 20% equity. This is because properties demand higher prices. Therefore, homeowners with foreclosures can sell their houses for cash and get out of this stressful situation.
Given these predictions, we can say that the number of sellers will increase in 2022. To make your home stand out from the rest, approve its curb appeal and price it right. If you do not want the hassle of home improvements and listing, sell your house to a Royal Oak estate home buyer. At Detroit Cash For Homes, we can ensure a faster, stress-free, and 100% fair cash offer home sale. Since we work directly with homeowners, we never ask for commissions and other fees.
If you are wondering “how to sell my house fast in Royal Oak,” Detroit Cash For Homes is your best companion. To get a free estimate of your property, call us today.