If you’re considering selling in our market, now is the time to act.
What’s going to impact our real estate market in 2022? Some of you may be thinking about selling your home this year, and based on current conditions, this might be the ideal time.
The supply of homes is still lacking, and supply chains are still experiencing issues. Experts predict these trends will continue for at least a while in 2022. A low supply of houses means sellers can get a higher price.
Prices are also still increasing, and we’re predicting another strong year for appreciation. However, according to Fannie Mae and the National Association of Realtors (NAR), we’re likely to see a slight slowdown in the rate of appreciation. Home prices may eventually start to drop, but I don’t see that happening in our market for a long time.
“There’s still tons of demand for homes.”
Interest rates are still low. The average 30-year fixed mortgage rate is still somewhere in the low- to mid-threes depending on your credit. The Federal Reserve recently announced that they’ll be reducing their bond purchases and raising rates. That could cause more buyers to enter the market soon to try to secure a home before the rates escalate and their buying power declines, meaning they’ll be able to afford less. If rates climb too high, we’ll have a market where buyers have the upper hand instead of sellers.
So if you’re considering selling in the Northern Illinois or Southern Wisconsin areas, the time to act is now. There’s still tons of demand for homes, and if you decide to list soon, you might benefit from the very low inventory and motivated buyers looking in our market.
If any of this piques your interest or you have questions, please reach out to me via phone, text, or email. You can use an automated home valuation calculator, but the best thing to do is contact me to have a conversation about your options and home value, even if you’re not looking to sell right now. I look forward to hearing from you.