We use cookies to enhance your browsing experience and deliver our services. By continuing to visit this site, you agree to our use of cookies.More info
Benge Redding Luxury SpecialistsBenge Redding Luxury Specialists
Call Us:

941.650.3732

Message Us:

[email protected]

  • START YOUR SEARCH
  • SELLER EXPERIENCE
  • BUYER EXPERIENCE
  • SPORTS DIVISION
  • EXPLORE OUR AREA
  • MEET THE TEAM
  • TESTIMONIALS
  • BLOG
  • CONTACT
    • Call Us:

      941.650.3732

    • Message Us:

      [email protected]

    Featured Image

    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...

    • SAMANTHA KASPRZYK-BENGE
    • September 20th, 2024
    • 4 min read

    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 just around the corner 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.

    Click Here →

    Author Photo
    About the author

    SAMANTHA KASPRZYK-BENGE

    941.650.3732
    Samantha is a prominent figure in Sarasota’s luxury real estate scene. With more than 20 years of experience and over $325 million in sales, she’s recognized for her keen insight and strategic acumen. Renowned for her straightforward approach and analytical mindset, Samantha has established a track record of exceptional outcomes, helping her clients maximize their investments with integrity and unwavering commitment. For the past 20+ years, Samantha has been a trusted guide for clients seeking their ideal home in Sarasota’s stunning landscape, from beachfront properties to cultural hotspots. Her honest, direct approach and deep understanding of her clients’ needs have built a loyal base of repeat clients and strong connections with Sarasota’s most respected real estate professionals. Samantha’s attention to detail and commitment to her sellers ensure that every property reaches its full market potential. Her ability to seamlessly navigate complex transactions, combined with her strategic thinking and dedication, has earned her the highest regard in the industry. A graduate of the University of Wisconsin-Oshkosh with a degree in Business Administration, Samantha's midwestern values and strong work ethic are at the core of her success. Beyond her career, Samantha is passionate about Sarasota’s cultural and natural beauty. When she’s not working, she enjoys spending time by the Gulf of Mexico with her daughter, Isla, embracing the “salt-life” that so many of her clients desire. Partnering with Keith Redding under William Raveis, Samantha continues to deliver exceptional results as part of the leading family-owned real estate firm along the Suncoast.

    Similar posts like this

    Adaptable Homes: Designing for Multi-Functionality in Every Room

    If the last few years have changed the way we live, they’ve also changed the way we look at the spaces we live in.
    Read more

    House Hunting Fatigue? Here’s How to Stay Focused

    At the beginning of the home search, excitement is high. Every new listing feels full of possibility. But as weeks stret...
    Read more

    Why Your First Week on the Market Is the Most Important

    You only get one chance to make a first impression. And in real estate, that chance lasts about a week.
    Read more
    Benge Redding Luxury Specialists

    Benge Redding Luxury Specialists

    6021 Midnight Pass Rd., Sarasota, FL 34242

    6021 Midnight Pass Rd., Sarasota, FL 34242

    Call Us:

    941.650.3732

    Message Us:

    [email protected]

    Footer Links

    • SELLER EXPERIENCE
    • BUYER EXPERIENCE
    • SPORTS DIVISION
    • EXPLORE OUR AREA
    • ABOUT
    • TESTIMONIALS
    • SEARCH FOR HOMES
    • GET PREAPPROVED
    • HOME VALUE
    • MORTGAGE CALCULATOR
    • BLOG
    • CONTACT
    Privacy Policy

    Benge Redding Luxury Specialists © 2025

    Powered by