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25
Mar
Buying Tips

2022 REAL ESTATE MARKET PREDICTIONS!

Robert J. Ott
March 25, 2022

While we don't have a crystal ball, we do have data and predictions from some of the leading market forecasters. We expect a whirlwind for the housing market this year. 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 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 HOME” 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 9.1% 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 Three Piece realtor who can keep you up to date on the on the local market and help to prepare you as much as possible for your 2022 real estate goals. Ready? We are too! DM’s are open and we’ve already started helping our 2022 homebuyers!

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