17 January 2022

The seller’s market remains very robust in the San Juan Islands as we enter 2022. Current market conditions make this winter/early spring an ideal time to sell. Here’s why:

1. The Number of Homes on the Market Remains Historically Low
There are only 20 single family homes currently listed on San Juan Island (NWMLS® 1/17/2022). Today’s limited supply of homes for sale is putting sellers in the driver’s seat. There are far more buyers in the market than there are homes available, and that means buyers are eagerly waiting for homes. Listing your house now makes it the center of attention. As a seller, you can expect an appropriately-priced property to generate multiple strong offers and move quickly this season. Just remember, experts project more inventory will come to market as we move through the winter months into spring. The realtor.com 2022 forecast says this:
“After years of declining, the inventory of homes for sale is finally expected to rebound from all-time lows.”
Selling soon may help you maximize the return on your investment before your house has to face increased market competition.

2. Your Equity Has Recently Experienced Record Growth
Current homeowners are sitting on record amounts of equity thanks to today’s home price appreciation. According to the latest report from CoreLogic®, the average homeowner gained $66,700 in equity over the past 12 months.
That much equity can open doors for you as you plan to make your move.

3. While Rising, Mortgage Rates Remain Historically Low
In January 2020, mortgage rates hit the lowest point ever recorded. Today, rates are starting to rise, but that doesn’t mean you’ve missed out. Current mortgage rates are still far below what they’ve been in recent decades:

• In the 2000s, the average mortgage rate was 6.27%
• In the 1990s, the average rate was 8.12%

Even with mortgage rates rising above 3%, they’re still proving to be very beneficial to the island seller. Buyers will actively seek to purchase as long as loans remain relatively cheap to secure. Moreover, the low rates will also save you money when you purchase your next home. That said, you’ll want to list your property sooner rather than later, since experts are projecting rates will continue to rise throughout 2022.

4. Home Prices Will Increase With Time
According to industry leaders, home prices will also continue to appreciate over the course of this year. While experts are forecasting more moderate price growth as compared to last year, it’s important to note that home values will likely be moving in an upward direction.
What does that mean for you? If you’re selling so you can move into your next dream home, you’ll want to consider doing it while you can still afford it.

BOTTOM LINE
If you’re considering selling your property, this may be your moment, especially with today’s low mortgage rates and limited inventory. 

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