Here’s a rundown of my predictions for real estate in 2022.
As we start the year, we’re continuing to experience somewhat of a robust market, but certain announcements from Federal Reserve chairman Jerome Powell are a little concerning. One such announcement came out this week, when he said that the Fed is going to raise overnight interest rates more quickly this year than they had previously stated. So what will that do to the real estate market?
Well last year, buyers had such a tough time finding a home as inventories were very low. Many properties received multiple offers throughout the year. Later in 2021, my associates and I saw a decline in the number of offers our properties were getting. That combined with rising interest rates this year will put downward pressure on prices.
“For sellers, pricing will be very sensitive in 2022.”
Moving forward into 2022, we don’t expect to see the same number of offers we saw on properties last year. However, we do expect the number of houses coming onto the market to grow, especially during this first portion of the year when everybody’s ramping back up for the market. That means, for sellers, pricing will be very sensitive. If you’re planning to sell in 2022, make sure that you get a good market value and equity analysis on your home before listing it.
Whether you’re planning to buy or sell a home this year, or if you have any questions, please give us a call or send an email. We would love to help you wade through the uncertain waters of 2022.
