SUMMER 2022 2022 Real Estate
2022 Real Estate Peak buying season is upon us! Analysts predict the following about our real estate market: Increasing Mortgage Rates
Mortgage rates could continue to rise, depending on how the economic recovery progresses. Earlier this year, rates were under 3% but they have steadily increased over the past several weeks. As more Americans become vaccinated, the economic recovery is expected to continue and this could contribute to an increase in mortgage rates.
Increasing Inventory 2022 Real Estate
A major source of frustration for many home shoppers was the lack of inventory the past year. There were few available properties, and when a home came on the market, it was often under contract in a matter of days, or sometimes within hours!
Some analysts expect increased inventory this year. As a general sense of stability returns, home sellers may be more likely to list their properties.
Millennial Buyers 2022 Real Estate
An increase in millennial buyers, defined as people reaching young adulthood in the early 21st century, could also influence the real estate market. Almost 5 million millennials are will turn 30 this year and they now comprise the biggest segment of first-time home buyers and will likely drive the market throughout 2021. A National Association of Home Builders survey found that 27% of millennial respondents planned to buy a home in the next 12 months.
Thank you for reading my blog! Whether you are considering selling your home, buying a home, or both, it would be an honor to help you navigate the complexities of real estate transactions. I will always advocate for your best interests and provide expert advice and counsel in your decision making. I specialize in all real estate transactions, both purchases and sales, whether you are a first-time homebuyer, downsizing or upsizing, or retiring and aging in place. Let my experiences and training benefit you in reaching your housing goals! Call me anytime, I will always answer.