02/19/2022
What Goes Up Might Come Down
For the past several months, you have probably been hearing about historic home price increases, the unprecedented small number of homes for sale coupled with a high demand for homes, and extraordinarily low interest rates. Each of these occurrences alone is remarkable, but together they contributed to the highest increase in home values since we started tracking such figures.
I expect the springtime will continue to offer opportunities for quick, competitive home sales, but financial experts do not expect home prices to remain on last year’s steep course.
Home prices are impacted by many factors like inflation, interest rates, and easy access to money for home loans. Each of these is projected to take a turn this year. This means we may see it take longer to sell a home than it has these past two years.
This is not bad news for home sellers, but it could signal opportunities for home buyers who wanted to buy last year and found themselves locked out of the market. When you notice a friend, family member or neighbor who is interested in buying or selling a home quickly, please reach out to me so I can help them time their decision with precision.