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Questions from a Seller: What Do Higher Mortgage Rates in 2022 Mean for Sellers?

After historic lows, mortgage rates are back on the rise in the United States and Canada. So, what does this mean for sellers?...

  • Suzanne Damon
  • May 11th, 2022
  • 4 min read
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After historic lows, mortgage rates are back on the rise in the United States and Canada. So, what does this mean for sellers? Is the era of the red hot seller’s market coming to an end? If you’re asking the question, “should I sell my home now?” You’re in the right place. Keep reading to learn what these rising mortgage rates mean for home sellers in 2022.

It Means Changes to What Your Home Sells For

If you’re eager to make the most out of all of the repairs and upgrades you’ve put into your house, your window to do so might be becoming more narrow — but it’s not here quite yet! The good news is that mortgage rates don’t skyrocket overnight. Instead, they increase gradually. Right now, the mortgage rates are 3.1% in the U.S. and 3.9% in Canada. You can expect those rates to rise to 4% and above by the end of 2022. These rate jumps are expected to push the median price of homes down about 2.5% by next year — quite the opposite of the 19.5% jump we’ve been experiencing over the past year.

So, this means if you wait to sell your home until closer to the end of the year, you won’t be able to list it for quite as much.

It Means the Market May Become Less Competitive

As interest rates rise, the market is slated to become less competitive by the end of the year to early 2023. This means that you won’t be seeing as many above-asking price offers, all-cash offers, and bidding wars. Less competition will allow the market to settle from the catastrophic and chaotic process that it’s now experiencing. But, less competition isn’t all bad news. It means you’ll be able to find a new home a lot easier — and cheaper — than current conditions are allowing for, making your move overall less stressful.

It Means Slower Price Growth

It’s no secret that home price growth has hit astronomical levels over the past two years. This surge was driven by historically low mortgage rates and the pandemic-spurred change in buyer mindset — buyers suddenly wanted more space and different scenery. Now that these two trends will likely be history, price growth will start to taper off. Freddie Mac is forecasting that home prices will rise only 2% for most of 2022. So, as prices grow more slowly, you likely won’t be able to list your home for an outlandish price (and get a full-price offer) anymore.  

Expect a Spring in Demand

With spring in full swing and rates still relatively low, homeowners should expect a busy spring selling season. Spring is usually one of the busiest times to sell a home, and you can expect the spring 2022 selling season to look more normal than the past two years. This spring's number of homes for sale is expected to rise compared to last year as the market attempts to recalibrate and balance itself after a wild pandemic-induced ride. 

If you’re looking to sell your home this spring, now is the time to get started on any maintenance or upgrades because supply chain issues and labor shortages — and now potentially the conflict in Ukraine — means that it’s taking longer than ever for building materials, appliances, and furniture to be made, shipped, and delivered. So do yourself a favor and get out ahead of it, so you’re not cramming last minute to get your home sale-ready.

We Can Help

If you’d like to learn more about selling your home or have any mortgage rate-related questions, please feel free to reach out to us. We are happy to assist you in any way we can.

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About the author

Suzanne Damon

603-493-5561
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A long-time resident of the Manchester, NH area, Suzanne Damon has been a powerhouse in real estate for the past 29 years. Ranked among the top-producing agents in both New Hampshire and the United States, she leads The Damon Home Team with expertise, integrity, and a deep commitment to her clients. Suzanne’s entrepreneurial spirit started early—at just seven years old, she was pulling a wagon through the city, selling flowers from her garden. That same determination carried her through college debt-free and has fueled her success in the ever-evolving real estate market. She understands the rollercoaster of life and knows firsthand the challenges that come with buying or selling a home. Beyond real estate, Suzanne is the President of 1628 Group, a real estate development company focused on community growth. She is also deeply involved in giving back—serving as a Court Appointed Special Advocate (CASA) for children in need and proudly supporting Liberty House, a local organization dedicated to helping homeless veterans rebuild their lives. Hardworking, caring, and genuinely fun to work with, Suzanne and her team bring a no-pressure, results-driven approach to every transaction—because achieving your real estate goals should be exciting, not stressful. Reach out: www.TheDamonHomeTeam.com, 603-493-5561 call or text.

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The Damon Home Team

The Damon Home Team

4 Bell Hill Road, Bedford, NH 03110

The Damon Home Team

4 Bell Hill Road, Bedford, NH 03110

888-398-7062 *125
[email protected]
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