What’s ahead for real estate in 2022? So, we’re half way (almost) through the year and the coachella valley real estate is still smokin hot..but are there signs that it’s ending?? I don’t have a crystal ball, and I personally am very aware of the increased Mortgage rates, the increasing Inflation, and hugely fluctuating stock market, BUT I have no insight as to what’s going to happen in the future, so I thought I’d write a blog on exactly that from some different sources. Decide for yourself! Kim Kelly, local realtor for over 20 years 760-285-3578.
It’s been a red hot housing market from East Coast to West Coast. Why? COVID allowed buyers to work remotely, Interest rates were insanely low, and years of more demand than supply in the housing market all helped to create that storm. Fortune reviewed seven industry forecast models to help us PERHAPS see what’s coming..
US home price growth: Since 1980 Fortune calculates average price growth of 4.6%/year. Over the past year price growth (19 % +) is four times that level.
Rising Mortgage Rates: Even though we are still at good MI rates of 3.4-3.6% by the end of the year, it will cut out many buyers.
More or less mobile workers? CoreLogic states that as we head into 2022, moderation in the current flight pattern may be changing. IF corporate America pushes harder to bring staffers back into the office, that may slow buyer demand.
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