2021 was truly a wild ride in Real Estate. Now that the year is over, the market has slowed some, giving us time to take stock. Over the last year, home prices soared upward by as much as 20%. In 2022 home prices won’t increase at the same rate which is good news for buyers. However, prices are still expected to increase.
According to Goldman Sachs economists, “Of all the shortages affecting the US economy, the housing shortage might last the longest. While the supply of homes for sale has increased modestly, it remains well below pre-pandemic levels and the outlook offers no quick fixes for the shortage.”
Even though builders are constructing new inventory, they are limited by worker shortages and cost increases. To close the gap, builders would need to double their output for the next 5 – 6 years.
So, what does that mean to you?
If you are a seller, now is an excellent time to list your home for sale. Buyers that are looking for homes are highly motivated. Both home prices and mortgage interest rates are on the rise. Assuming your home is in good condition and priced correctly, there will be no problem selling.
For more information, contact Penny at (206) 618-5123 or email me at Penny@TheOriginalPenny.com.