Is your head still spinning from 2021? Are you unsure if you’re in a COVID fog, or in denial over what last year’s real estate market did to your very soul? You’re not alone. 2021 was in fact surreal, as you can read in my year-defining post Is your home worth more than a banana?
But what about 2022? Will we experience the calm after a storm or a sequel to The Year from Hell? Here’s what I see a little more than a month into the new year.
Sellers
Prices will continue to climb, although not as drastically as last year. But don’t make the mistake of overpricing your home in anticipation of getting high offers. Last year buyers were saying, “It’s priced right, but I’ll offer more to make sure I get it.” This year they may look at an overpriced home and say, “Whoa, the sellers are really being greedy. Let’s pass on this one.”
And don’t get complacent and think you can skip the details. Fix up your home, clean it and stage it! Buyers are Blinded by the Light, and if they see a really nice house, they will throw really nice offers at it.
Buyers
We’re already seeing bad signs for you in the dead of winter: listings getting multiple, immediate, high offers. Inventory remains low, at least for now. We can only hope that more homeowners will say to themselves, “Remember last year? I want me some of that!”
What won’t help is that the droves of buyers who made and lost offer after offer last year and remain (new)homeless are sharpening their financial status and gearing up for a new fight. My advice: dial back your dreams, find a lower-priced listing that doesn’t exactly fit your bill but can be upgraded over time, and bid the hell out of it.
Landlords
Stop smiling. You know and I know and everyone knows that you will get 19 offers on your three-bedroom rental, but please don’t cut corners. Make all necessary repairs. Clean the place up. Get the required inspections. Be nice to people, not rude and dismissive like a Russian waiter.
Tenants
Oh boy. Right now there are only two available rentals in South Brunswick. Seven in North Brunswick, but none under $2,400. Plainsboro may seem to be sitting pretty with nine rentals, but five of them are over $3,000.
My advice: Don’t be nitpicky. Work whatever miracles you have to and raise your credit score. And for the love of grits, if you see something you like, make an offer immediately! That same day! If you like it, you won’t be the only one, and it will not be around tomorrow!
Conclusion
If you have to buy or sell or rent, don’t stress out about it. Give me a call and bounce your questions and concerns off me. I’ll give you professional advice and my personal insight borne of 18 years serving this area. I don’t pressure clients to move in a direction that’s not comfortable for them. As my mission statement says, this site and my business are all about you.
