As we move into 2022, both buyers and sellers are wondering, what’s next? Will there be more homes available to buy? Will prices keep climbing? How high will mortgage rates go? For the answer to those questions and more, I always turn to the experts. Here’s a look at what they say we can expect in 2022.
Odeta Kushi, Deputy Chief Economist, First American:
Consensus forecasts put rates at about 3.7% by the end of next year. So, that’s still historically low, but certainly higher than they are today.
Danielle Hale, Chief Economist, realtor.com:
Affordability will increasingly be a challenge as interest rates and prices rise, but remote work may expand search areas and enable younger buyers to find their first homes sooner than they might have otherwise. And with more than 45 million millennials within the prime first-time buying ages of 26-35 heading into 2022, we expect the market to remain competitive.
Lawrence Yun, Chief Economist, National Association of Realtors (NAR):
With more housing inventory to hit the market, the intense multiple offers will start to ease. Home prices will continue to rise but at a slower pace.
George Ratiu, Manager of Economic Research, realtor.com:
We also expect a growing number of homeowners to bring properties to market, taking some pressure off high prices and offering buyers more options.
What Does This Mean for Buyers?
Hope is on the horizon for 2022.
You should see your options grow as more homes are listed and some of the peak intensity of buyer competition starts to ease.
Just remember, rising rates and prices are a great motivator for you to find the home of your dreams sooner rather than later so you can buy while today’s affordability is still in your favor.
What Does This Mean for Sellers?
Make no mistake – this sellers’ market will remain in 2022 as home prices are projected to continue climbing, just at a more moderate pace. Selling your house while buyer demand is so high will truly put you in the driver’s seat.
But don’t wait too long. With more listings projected to become available, your ideal window of opportunity to stand out from the crowd won’t last forever.
As a realtor at Smith Mountain Lake for nearly 30 years, I have in-depth knowledge of the market and current inventory conditions here.
My experienced team and I will ensure you have the support you need to make an educated and informed decision about selling in the coming year.
Bottom Line
If you’re thinking of selling or buying a Virginia waterfront home, 2022 may be your year. Let’s connect to discuss your goals and the unique opportunities you have in today’s housing market. I’ll be happy to perform a complimentary market analysis and provide a copy of my detailed Sellers Guide.
Give me call, send a text or shoot me an email to get the ball rolling.
Best wishes for much happiness and good health in 2022!
Deb Beran
DebBeranProperties.com
