As the calendar page flips over to the last month of 2021, I wanted to hit pause to look back at the top 5 real estate questions my team and I have received from our clients, family, and
What's In Store for Home Sellers & Home Buyers in 2022
Dated: September 28 2021
Is it too early to say good bye and good riddance to the 2021 housing market? Perhaps. But as we officially enter the fall/winter housing market, this real estate agent cannot wait to see this year’s overheated housing market in my rearview mirror. So, what’s in store for home sellers and home buyers alike in 2022?
According to my crystal ball we shouldn’t expect home prices to drop but we can anticipate less stress for home buyers thanks in part to less competition per house and more homes on the market. Good news for you first-time buyers in the crowd.
But what about homeowners? Well, things are not so bad for them either. Why? Because financial analysts are forecasting a more balanced, more reasonable market. And, while home prices are still forecast to rise in the coming months, that increase will be more moderate (no more double-digit price hikes). Bottom line? Smoother sailing when it comes to putting your home on the market.
Feeding into this year’s buying frenzy were the historically low interest rates. 2022 will definitely see an increase in interest rates (closer to 4% by the end of the year) but keep in mind that even at 4%, the rates are still very attractive even to those still on the fence about refinancing their current homes.
One major trend that has appeared during the age of COVID-19 is the migration to the suburbs due to more companies embracing a remote workforce. I can’t tell you how many calls my team and I have taken in the past couple of months from buyers looking to push away from the higher-priced urban centers. Suburbia here we come.
Keep in mind that as millennials “grow” into their home-buying years, there’s more of an attraction to a perceived higher quality of life, better schools for the tykes, and lower crime rates associated with the suburbs. That said, home buying in the suburbs will continue to rise in the coming year.
Here’s a free tip for suburban homeowners: you know those home improvements you’ve been putting off…well, it’s time to get your houses ready to make that great first impression to potential buyers.
Again, not too early for me to say farewell to 2021 but I definitely think homeowners and buyers alike can look forward to a Happier New Year in 2022.
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