Tuesday, January 4, 2022 / by Ken Couture
Odeta Kushi, Deputy Chief Economist, First American:
“The consensus forecast puts the rate at around 3.7% by the end of next year. So it's still historically low, but definitely higher today. "
Danielle Hale, Chief Economist, realtor.com:
Affordability will be more of a challenge as interest rates and prices rise, but working remotely could widen search areas and allow younger buyers to find their first home. sooner than what they don't. And with more than 45 million millennials in the first year of acquisition of 2,635 years by 2022, we expect the market to remain competitive.
Lawrence Yun, Chief Economist, National Association of Realtors (NAR):
“With more home inventory on the market, intense sales will begin to ease. House prices will continue to rise but at a slower rate.
George Ratiu, Director of Economic Research, realtor.com:
"We also expect more and more homeowners to put properties on the market, which will reduce pressure on high prices and provide buyers with more options."
Mark Fleming, Chief Economist, First American:
“Strong demographic demand will continue to operate like a windfall in the property market. »
What does this mean for buyers? Hope is clear on the horizon for 2022. You'll see your options broaden as more homes are listed and some of the intense intensity of buyer competition begins to diminish. . Remember that rising rates and prices are a big motivator for you to find your dream home as soon as possible so you can afford it while affordability is still working in your favor today.
What does this mean for sellers? Make no mistake, this seller market will remain in place in 2022 as home prices are expected to continue to rise at a more moderate pace. Selling a home when buyer demand is so high will really put you in the driver's shoes. But don't wait too long. With more listings expected to be available, your perfect chance to stand out from the crowd won't last forever. Work with an agent who knows your local market and current inventory conditions to ensure you have the support you need to make informed, informed decisions about next year's sales.
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