Happy 2022! If buying or selling a home is on your New Year’s Resolution list this year, this is the article for you. Let’s dive into the REAL real estate predictions for 2022:
The Spring Market Starts NOW
Pandemic year or not, the winter months bring slowed real estate activity. Typically, the spring market begins the weekend after the Super Bowl as potential buyers are looking for something to do with their free Sundays now that they aren’t watching football.
This year will be different. November 2021 inventory was the lowest month of any month in the last 10 years! This isn’t just a slow winter; this is THE slowest. Let’s couple that with a HIGH demand from buyers ready to get back out there after the holidays. First quarter of 2022 will bring multiple offer situations, quick sales, and continued low inventory. January is the new March.
Great Resignation Prompts the Great Migration
2.8 percent of the US workforce is leaving their job each month, which translates into companies like Amazon losing more than 1/3 of their workers each year. While some workers are looking for new opportunities, nearly half of US workers are now remote. The search for the job is on, but the biggest question is where will people WANT to live as they pursue new work opportunities?
Even if you are looking outside of the DMV, I have fantastic recommendations for real estate agents working in other geographies. If you are destined for a change of scenery, you might want to take a look at the changes in home prices across different states and cities around the US.
Seller’s Market Remains
It should not come as a surprise that sellers will continue to enjoy the upper hand in this real estate market. With low inventory, high buyer demand, high prices and high equity — it is a historically amazing time for you to sell.
In November 2021, 83% of homes sold were on the market for less than a month. The average homeowner gained approximately $56,700 in equity during the past year. If you are looking to cash in on your home’s equity and sell your home quickly, this is the market for you to sell in.
As we hear more about inflation, it is not a surprise that interest rates may begin to tick back up. Keep in mind that rates are still at historic lows, but the longer buyers wait the more it will cost them in monthly payments.
Ready to take the next step in your real estate journey? Call me anytime and let’s make 2022 the best year yet. Move with Mackenzie Horne.
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