The most common question I get asked is “how’s the market?” And with so much information and uncertainty out there, it can be hard to cut through the noise and really see what’s happening in the market. I’ve seen so many different markets over the last 25 years, I’ve seen it all. Let me help you cut through the noise and go-to experts for information.
Looking toward 2022, let’s talk about one of the hot topics: mortgage rates. Doug Duncan at Fannie Mae says,
“Right now, we forecast mortgage rates to average 3.3 percent in 2022, which though slightly higher than 2020 and 2021, by historical standards, remains extremely low and supportive of mortgage demand and affordability.”
So yes, mortgage rates are on the rise, we have even seen rates consistently up above 3% in the last few weeks. This means that it will be more expensive to purchase a home, so you want to get in on the action now! But mortgage rates aren’t the only thing on the rise – home prices are projected to rise as well, though not as quickly as they have been recently. While the last year brought us appreciation rates of up to almost 20%, 2022 is projected to bring us appreciation rates of around 5% according to industry experts.
But Anne, what does this mean for me while I’m selling my house? Great question! Demand is still higher than supply, meaning buyers are willing to pay top dollar for your home! This seller’s market isn’t promised forever, so take advantage while it’s here! We’re always here to help, reach out anytime even if you’ve just got questions.