Here are my predictions for the future of our market in 2022.
Now that we’re in 2022, what does the market have in store for us? No one knows for sure, but we can look at trends and make some pretty good guesses. That’s why I want to go over my predictions for this year.
My first prediction is that technology will become even more prevalent in real estate. As more people begin to work from home, tech plays a bigger role in all our lives, and real estate is no exception. Home offices are becoming more necessary for buyers every day. On top of that, people are moving farther away from their workplaces. We’re seeing vast migration from the cities to the suburbs.
Another thing we’ve seen is that new construction was down in 2021. Supply chain issues and the labor shortage have affected this, but zoning restrictions are causing delays as well. Manufactured homes may become more prevalent if supply issues continue.
Next, let’s talk about inflation. It’s affecting everything right now: gasoline, groceries, and of course, real estate. The Federal Reserve will likely increase rates to 3.7%, and this will greatly affect the affordability of homes.
Generally, our market will continue to be hot in 2022. Demand remains strong, and demographic factors favor a seller’s market. The market may slow down a bit, but it will still be a good time to buy or sell a home.
If you have any questions about today’s topic, please feel free to call or email me. I’d love to help!