2022 REAL ESTATE MARKET PREDICTIONS 🔮
The ball has dropped and so have the predictions for the 2022 real estate market!
While we don’t have a crystal ball, we do have data, and predictions from some of the leading market forecasters.
If you’re thinking of buying or selling in 2022, save this post and DM us any questions you have!
For starters, Danielle Hale, Realtor.com chief economist said: We expect a whirlwind 2022 for the housing market. So what does that mean?
Here is a summary of this year’s market predictions.
Don’t wait to buy real estate, buy real estate and wait – Home prices are still on the rise after on top of 2021 highs.
Buyers who didn’t find a home in 2021 are going to want to lock in their interest rates sooner than later this year as mortgage rates are expected to see a gradual uptick. That means putting your house up for sale earlier in the year rather than waiting until Spring might be a smart move to capture those buyers.
If “buy my first house” is on your list of 2022 goals, you’re going to want to be prepared sooner than you think. With 45 million + millennials at prime home buying age, the market is expected to remain competitive, especially in entry level price points. Having a full understanding of your home buying budget, areas you want to buy in and specific wants and needs, in advance is going to be critical to compete with other buyers in this year’s market.
Builders ramping up production will create a small increase in housing inventory which is good news for buyers. Every house counts!
Buyers are going to want to fire their landlords! Rent is projected to increase 7.1% which will be a strong motivator for first time home buyers.
Overall, many experts predict rising mortgage rates, rising home prices and rising rent that will continue to make housing affordability an issue in 2022.
The best advice we have for you this year is to have a real estate agent in your back pocket who can keep you up to date on the local market and help to prepare you as much as possible for your 2022 real estate goals.
SOURCE: https://www.forbes.com/sites/brendarichardson/2021/12/13/experts-predict-what-the-housing-market-will-look-like-in-2022/?sh=543adbed3942
