Housing Marketing Going Into 2022
The real estate market for 2021 was unlike one we have ever seen before. Lifestyle shifts existed like never before for the majority of families. With many companies indefinitely extending their work from home policies, families everywhere are taking advantage of the opportunity to finally live where they have always wanted in the homes they have always wanted. As your expert Ventura County Real Estate Team, we have seen this enormous shift of buyers and sellers living out their real estate dreams like never before. Going into 2022 there are additional shifts expected but experts do predict that the market will stabilize in some ways.
Current 30-year fixed interest rates hover at 2.98% which is the lowest it has been since September of 2021. However, mortgage interest rates are expected to gradually increase throughout the year 2022. No volatile increases are expected but rather a slow and steady increase throughout the year. Fannie Mae predicts that home sale prices are expected to increase a whopping 7.4% overall in the year 2022 on top of the record-breaking sale prices we encountered in 2021! The National Association of Realtors expects a more modest but still an increase of 2.8% increase in the home sale prices of resales and an increase of 4.4% on new home sales. What we can gather from this information is that there will absolutely be no chance of a real estate market crash in 2022. In fact, with mortgage rates slightly increasing, first time home buyers may stand a greater chance of getting into the market than in 2021 where bidding wars likely pushed them out of the market.
If you need local advice from a trusted Ventura County Real Estate Team, we would be happy to discuss your unique situation with you. We look forward to helping you achieve all your real estate goals in 2022.