Insights on the Upcoming 2022 Housing Market

~Insights Into 2022~

Both buyers and sellers are wondering what the new year will bring. Our first expert in the field is  Odeta Kushi Deputy Chief Economist, First American:

"Consensusus forcasts 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 chimes in:

“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.” 

“We also expect a growing number of homeowners to bring properties to market, taking some pressure off high prices and offering buyers more options.” states George Ratiu Manager of Economic Research,

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.

What Does This Mean for Buyers?

We should see more options as an increase of houses start showing up on the market. They believe the bidding wars will slow, just remember, rising rates and prices are a great motivator for you to find your dream home much sooner than later.

What Does This Mean for Sellers?

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. It will continue to be a sellers market as home prices are projected to continue to climb, just at a more resonable pace.  Work with an agent who knows your local market and current inventory conditions to ensure you have the support you need to make an educated and informed decision about selling in the coming year.

Lamont "Ben" Orr - The Orr Team eXp Realty 720-425-3365

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