2022 Real Estate Market Outlook
Here’s a look at what’s happening in the market right now and what to keep an eye on over the coming months.
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Take Advantage of Today’s Low Interest Rates
Are you in the market for a new home? Whether you are considering purchasing your first home, moving up to your dream home, downsizing or refinancing, now is the best time to make a move before the mortgage rates rise any higher.
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Are Short Sales & Foreclosures Around The Corner?
Many are concerned that the housing market will experience a wave of foreclosures and short sales. The fact of the matter is, we aren’t in a housing bubble like we were 15 years ago. There are also fewer homeowners in trouble this time. According to the Wall Street journal, in the last housing crash in 2008, an estimated 9 million people lost their homes to foreclosure or short sale. Fast forward to 2021, the total number of mortgages still in forbearance stood around 1 million.
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The Importance of Inspections & Appraisals
In today’s real estate market, buyers often have questions about the importance of inspections and home appraisals. Due to the high buyer demand and low housing inventory, its leading some buyers to considering waiving these contingencies to make their offer stand out amongst the competitors.
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Today’s Affordable Mortgage Rates
The housing market is anything but normal. It is still an incredibly strong sellers’ market. Over the last 18 months, we’ve seen the lowest mortgage rates in history.
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First Impressions Will Sell Your Home
Although the market is hot, and homes are selling quickly, it is still important to make a good first impression on potential buyers. Starting with price.
Pricing is crucial, as it is one of the first things buyers will notice. If you price your home right, it’ll draw attention from competing buyers. If you price too high, it could put you at a disadvantage by discouraging prospective buyers from making an offer.
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