Your Housing Market Outlook for 2022
If your New Year's resolution is to sell your current home and find your dream home, here's what you can expect as we head into 2022.
The Arizona housing market is showing no signs of slowing down this year!
If you're worried you missed your opportunity to sell in 2021, don’t be. Home values are still rising.
The AZ market is continuing with the same momentum and it remains a seller’s market. Home prices keep going up, although we will see them rise a bit more slowly than last year. Interest rates are also going up, but only slightly. Like last year, new construction is being held back by supply chain issues, meaning there are still not enough houses for sale.
Ready to Sell? Now Is the Time
If you want to sell your house, there’s no time like the present. The rush of the holidays is over, and buyers are again looking for a new home to settle into for the new year. More and more buyers are entering the real estate market despite the fact that there are still not enough homes for sale to meet that demand.
The number of homes for sale has decreased by 67 percent while the number of homebuyers has increased by 23 percent. That’s good news for you as a seller.
The shortage of houses and the surge of buyers means your home will sell more quickly at a higher price.
If you’re not quite ready to sell yet, spring and summer are also expected to be a busy time for home buying and selling. With prices continuing to rise, 2022 will be an exceptional year to sell your home.
Ready to Buy
All the reasons that make now a good time to sell make it a bit more challenging time to buy. However, if buying a new home is your 2022 goal, I am here to help you find your dream home.
Interest rates are increasing slightly, but there is good news: they are still at historic lows. Since home prices are also rising, now is a great time to buy. After you get into your new home, you’ll see your equity increase right away as the value of your new home rises with the market.
As some new construction projects come to completion, there may be a few more houses available this year than last. But competition among buyers remains steep, and supply chain issues, along with the rising cost of materials, are still slowing down new construction.
Buying in this market requires patience and strategy, and I can help you with both. Since we entered this sellers' market, I have been helping many clients get their dream homes, even when their offer wasn't the highest.
Prices will not be going down anytime soon, so if your New Year’s resolution is to buy your first home or to finally live in the home of your dreams, don’t wait.
The 2021 market in the Valley was hot as prices peaked and the number of houses for sale plummeted. All signs show that 2022 will continue that trend. Whether you are looking to buy or sell (or both), connect with me today to customize the perfect strategy for you this year.