MINT HILL, NC – It has been one unexpected thing after another over the past 18 or so months. However, even with the turmoil attached to the pandemic housing market, it’s never too early to start predicting the next year’s market.
There are many things we might expect to see in 2022. Whether you’re looking at just the Mint Hill real estate market or you’re looking at the entire country, there are a few things to look out for.
The Market Will Work Back Towards the Buyer
While it’s likely, the real estate market is going to continue to favor the seller for some time, it’s showing signs of working its way back to the buyer. With fewer bidding wars and not as many offers on properties, many area markets are starting to turn back towards the buyer some.
Inventory will likely rise, but mainly because it hit a 40-year low. When it gets as low as it has been, it’s hard for the inventory to go anywhere but up. Expect a strong sellers’ market in 2022, but not as strong as it has been.
Prices Will Likely Not Come Down
Many potential homebuyers are still going to be left out of the market or paying more than they would like. Prices are likely not coming down and may continue to go up. However, they will likely rise at a slower pace in 2022 compared to 2021.
Prices have already started to grow at a slower pace, but they are still going up, not down. Don’t expect that to change in 2022.
Back to Normal with Offers, Sort Of
Putting an offer in on a home has been a nightmare for many buyers this year. Whether it’s deciding to make an offer too late, becoming one of the dozens of competing offers or simply getting rejected, it has been rough out there for buyers.
In 2022, buyers won’t have to make offers so far above asking and they might not have to be as creative to get the home they want. We should see the market become a bit more normal when it comes to offers. There will still be plenty of bidding wars, but they won’t be quite as common or as crazy.
Mortgage Rates Will Likely Go Up
The past two years have seen a real estate market frenzy partially due to the record low mortgage rates. However, this won’t last. The rates will start to go back up. It’s expected the rates will go up a little and won’t go to super high prices.
However, the rising inflation could cause rates to go up more than they are currently predicted to go up. The next few months will be telling and will help to shape what 2022 will look like.
The 2022 real estate market should start to look a little bit more normal, but not completely balance or normal. It will share many of the same traits as 2021 but on a smaller scale.
I would love to be part of your journey when the time is right for you. If you ever have a real estate question or need, or know someone who does, trust that you can turn to me. I will help you make the right move! Anna Granger (704) 650-5707 | email@example.com | www.1stchoicepropertiesinc.com