REAL ESTATE COLUMN

In 2021, homeowners saw an atypical housing market in which their properties sold quickly and often above the asking prices, as many homebuyers competed for the winning bid. All in all, 2021’s housing frenzy was nothing short of one for the books!

Fast forward to 2022. Both homebuyers and sellers are asking: What will this year’s housing market look like?

Home sales are expected to perform well again in 2022. Remote work options continue to have a huge impact on the housing market. This will aid in expanding search areas as homeowners relocate to find more space and affordable housing options. The trend of millennials moving to the suburbs is also expected to continue with homebuyers looking for communities that offer home offices, amenities and room to grow. Mortgage rates are projected to steadily increase yet remain historically low compared to decades past. However, this gradual uptick in interest rates will affect affordability by raising the monthly cost of homeownership in all price ranges.

Many industry experts expect the number of homes for sale to increase this year as homeowners continue to look to move and investors sell off rental properties, taking advantage of the high prices. This should give buyers a slightly better chance to snag the home of their dreams. But experts warn the growth in inventory will be slow, thus still constituting challenges for buyers.

Overall, 2022 is expected to be a year of steady growth. The market looks to continue to favor sellers due to forecasted levels of buyer demand combined with limited supply. Also, experts predict a continuation of increased housing values. But as we’ve witnessed firsthand, things can change on a dime. Current events can directly affect the real estate market and economy. So buckle up and stay tuned. The world of housing is a wild ride!

I Deliver Dreams!

Tricia Tialdo, REALTOR®, Broker Cell: 618-593-2983

Email: tricia.tialdo@strano.com

www.ttialdo.strano.com

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