WHAT’S IN STORE FOR THE 2022 SPRING REAL ESTATE MARKET?
WHO
will be active in the spring real estate market is very difficult to predict, especially given the uncertainties caused by the pandemic and Omicron surge. The 2021 market was unprecedented, with properties selling in days, often with multiple offers and above asking price. We think buyers who weren’t successful in 2021 will be back in the spring market. Some took a break, planning to return when there’s more inventory. Since interest rates are still attractive, buyers will continue to look to buy now. In 2021, we saw many more people moving to Chester County from other states—especially New York, Florida and California—and we expect that trend to continue. Chester County is particularly attractive for these buyers as our quality of life is high, schools are excellent, and taxes are comparatively low. Sellers who weren’t ready in 2021 will be putting their homes for sale to take advantage of the strong spring market. And sell-
WHAT
will buyers be looking for in the spring market? Many of the same things that drove them last year. At the top of most lists is a turnkey property—something in perfect shape, well-maintained, with upgrades and wish-list amenities. People want to move into a finished property, without a long punch list of projects to deal with. What are hot interior features? Still open floorplans with good flow, particularly kitchens and family rooms. Of course home offices gained considerable importance, given the trend of working and schooling from home. As we get further into spring, buyers will start thinking again about outdoor entertaining spaces. What should sellers do? It’s a seller’s market, yet properties that sell faster and for a better price are those in the best shape possible. It’s worth 34
County Lines | February 2022 | CountyLinesMagazine.com
ers looking for a change—more space inside and out, second offices—will be motivated. Also those wanting to move near family and to buy their own dream home will be enticed by the good market. We expect Baby Boomers to downsize or leave their family home. Many Boomers have changed their plans because of the pandemic and may not actually be downsizing but buying a place with room for their children and extended families, especially grandchildren. As they sell their homes, they become even more buyers in 2022. Stephen, Holly & Stewart Gross Holly Gross Group Berkshire Hathaway Fox & Roach Realtors
putting the time and money into getting your home in showing condition now. Your realtor will help you prioritize which improvements to make to get the most bang for your sales price buck. Even small projects like painting and staging can help. What lessons have we learned from 2021? Demand from urban transplants to suburban and country properties created a new market dynamic. Coupled with low interest rates and low inventory, 2021 was an exceptional year. We’ll see how it plays out long term— but for spring 2022, get ready, have your home in A1 shape on day one. And buyers get ready for the competition. Know what you want, be prepared and act fast!
Rob Van Alen Country Properties Berkshire Hathaway Fox & Roach Realtors
