REAL ESTATE SNAPSHOT – A QUICK LOOK BACK AT 2021, AND WHERE WE MAY BE HEADING IN 2022

We can all agree that the real estate market in 2021 was one like no other.  Who would have thought that the pandemic could bring upon such a home buying & selling frenzy as it did?  Well soon to put 2021 behind us …phew, and as we all look forward to a much brighter 2022 on SO many levels … here is just a snapshot of what you can expect to see from a real estate standpoint looking ahead to 2022. 

Word on the street says … all indicators suggest we should expect that 2022 will continue to be a strong real estate market.  Make no mistake, 2022 will continue to be a seller’s market no doubt, as home prices are expected to rise … but at a much more moderate pace then we saw in the real estate frenzy of 2021.  The driving force continues to be “supply & demand.”  Buyer demand is still very high with some of the “2021 buyers” still in search for their “place to call home.”  Many missing out on a multitude of bidding wars in 2021, now with high hopes of a “win” for 2022.  As more homes are expected to come on the market, the competition will start to ease a little which is good news for the buyers as this will ultimately ease competition a bit and slow down the rise in home prices for 2022.

Interest rates are predicted to be on the rise for 2022 to about 3.7% by year end, but certainly still at an all-time low.  Nonetheless an important factor to keep in mind as you decide when will be the best time to buy or sell.  

For the Buyer – As you see more homes come on the market, you should see an ease in the “multiple offer” frenzy that was experienced in 2021.  That’s not to say multiple offers won’t happen, but perhaps a little less as was the frenzy in 2021.  Having said that – if your serious about wanting to find your place to call home … mbest advice to you would be to reach out to a reputable mortgage lender to get pre-approved for a mortgage.  This will put you in the best buying position so you can be ready to make your offer when that perfect home does hit the market.  With interest rates on the rise, your buying power may be less then you think as we make a way through 2021, so you want to make sure you know what you are qualified to purchase and have your approval letter in hand to make that offer the seller will be most accepting of.  

For the Seller – On the flip side … while it is still a seller’s market, and should remain such throughout 2022, selling your house while buyer demand is high is key to getting your home sold for the highest price with the best terms.  I would just caution you to not wait too long if selling your home is really your end goal. With more properties expected to hit the market, and with interest rates on the rise, your window of opportunity won’t last forever. My advice to you would be to reach out to a local real estate professional to discuss your specific wants and needs and to answer any questions or concerns you may have, so you can decide if putting your home on the market in 2022 is the right move for you.  

Working with buyers and sellers to help them to achieve their real estate goals.

REAL ESTATE SNAPSHOT – A QUICK LOOK BACK AT 2021, AND WHERE WE MAY BE HEADING IN 2022

We can all agree that the real estate market in 2021 was one like no other.  Who would have thought that the pandemic could bring upon such a home buying & selling frenzy as it did?  Well soon to put 2021 behind us …phew, and as we all look forward to a much brighter 2022 on SO many levels … here is just a snapshot of what you can expect to see from a real estate standpoint looking ahead to 2022. 

Word on the street says … all indicators suggest we should expect that 2022 will continue to be a strong real estate market.  Make no mistake, 2022 will continue to be a seller’s market no doubt, as home prices are expected to rise … but at a much more moderate pace then we saw in the real estate frenzy of 2021.  The driving force continues to be “supply & demand.”  Buyer demand is still very high with some of the “2021 buyers” still in search for their “place to call home.”  Many missing out on a multitude of bidding wars in 2021, now with high hopes of a “win” for 2022.  As more homes are expected to come on the market, the competition will start to ease a little which is good news for the buyers as this will ultimately ease competition a bit and slow down the rise in home prices for 2022.

Interest rates are predicted to be on the rise for 2022 to about 3.7% by year end, but certainly still at an all-time low.  Nonetheless an important factor to keep in mind as you decide when will be the best time to buy or sell.  

For the Buyer – As you see more homes come on the market, you should see an ease in the “multiple offer” frenzy that was experienced in 2021.  That’s not to say multiple offers won’t happen, but perhaps a little less as was the frenzy in 2021.  Having said that – if your serious about wanting to find your place to call home … mbest advice to you would be to reach out to a reputable mortgage lender to get pre-approved for a mortgage.  This will put you in the best buying position so you can be ready to make your offer when that perfect home does hit the market.  With interest rates on the rise, your buying power may be less then you think as we make a way through 2021, so you want to make sure you know what you are qualified to purchase and have your approval letter in hand to make that offer the seller will be most accepting of.  

For the Seller – On the flip side … while it is still a seller’s market, and should remain such throughout 2022, selling your house while buyer demand is high is key to getting your home sold for the highest price with the best terms.  I would just caution you to not wait too long if selling your home is really your end goal. With more properties expected to hit the market, and with interest rates on the rise, your window of opportunity won’t last forever. My advice to you would be to reach out to a local real estate professional to discuss your specific wants and needs and to answer any questions or concerns you may have, so you can decide if putting your home on the market in 2022 is the right move for you.  

My Wish For You This Holiday Season

My wish for you this Holiday Season would be for you to receive the gift of TIME! In today’s world, many of us are guilty of getting caught up in our busy lives that we don’t take enough time to share life with the ones we love. Now especially, with the Holiday Season upon us, we have so much more to do, we forget what’s most important in light and spirit of this special time of year! 

Let us not forget that life is too short, and we can’t take back those days of “would have and should have’”. Let us remember to live in the moment…. because as we all know, these moments are much too precious to let go by! 

So, if there are no other gifts you give this holiday season …. give the gift of TIMEto you and to those you love… sharing those special times with family and friends… for this is a priceless gift that will live in your heart and the hearts of others forever! 

From my house to yours … 

Wishing you all a very Merry Christmas and a 

Happy, Healthy and Prosperous New Year!

SHOULD I PUT MY HOME ON THE MARKET IN THE WINTER MONTHS?

While the new year is peaking its head around the corner, don’t be surprised to see more buyers around that same corner … more today than in years past.

Experts are anticipating a flurry of buyer activity in the winter months ahead.  What does that mean to the seller?  The real estate market is heating up …  even in these coming winter months!   If you are planning on listing your home, there’s no need to wait until the spring, unsure if you are “ready” to list your home – speak to a real estate professional to discuss your specific real estate goals.

Buyers are warming up to the idea of a winter purchase.  The pandemic has brought about significant lifestyle changes for so many, one of which is working remotely.  This change appears to be something many have grown accustomed to and for many, may just be here to stay.  Let’s not forget about retirement …  both lifestyle changes have brought about different wants and needs when thinking about the comforts of their home.

Our Chief Economist at the National Association of Realtors (NAR), Lawrence Yun predicts that we may see a significant number of sales this winter compared to past winter seasons going back as far as 2006.  

Why list now you ask?   

Buyer activity – While the number of buyers out looking for a home this winter may be slightly lower compared to the spring market, you can rest assured, the buyers out there now are serious buyers looking to secure their home.

Home prices leveling off – It appears prices may be leveling off, so the expectation of higher gains in the spring and summer months may be a bit unreasonable for most. 

Interest Rates – Let’s not forget about interest rates … they are inching their way.  What that means to you and the buyer is this … when interest rates go up, the buyer’s buying power goes down. That’s not good for either side.  Buyer’s may be a little less willing and/or able to pay top dollar for a home as they did in the past 20 months of real estate frenzy.  

My famous saying is … “we only know what we know now.” Who could have predicted the market would be what it was throughout the pandemic?  My best advice… first and foremost, you need to be ready.  If you have made the decision to sell your home, you need a plan to move forward.  Speak to a real estate professional to discuss your specific real estate goals to establish a “plan of action” that makes sense and works for you!  Discuss the strategies of the “what if” my house sells quick, where do I go?  How do I purchase the home I want to move to if I need the proceeds of my current home sale to purchase it?”  These are just a couple of the many good questions you need to discuss with a real estate professional.  With their knowledge and experience, and a plan of action, you should be able to make the move you’ve been wanting to make, and now may be the time for you to decide if it is the best time for you to put those wheels in motion.

Helping buyers & sellers achieve their real estate goals.

DID YOU SAY RETIRE?

The past year and a half have brought about significant life challenges for so many, and in some cases have brought some to decide to retire earlier than they had originally planned.  It has been noted that a significant number of older workers retired earlier due to the pandemic.  That may sound grim to some, but I am one for always looking at the bright side of things.  While some may have felt a little uneasy about being forced to retire earlier, in some instances – that just means it’s time for you to turn the page to the “next chapter” of your life.  

If you have recently retired, it’s possible you may find your home is not fitting your new lifestyle for different reasons.  But there could be a silver lining in that … more than likely you have built-up a significant amount of equity which in turn, can fund your next move.  With the increase of home values in our area this past year, you can be fairly certain there will be good amount of equity in your home.  To figure out just how much, you may want to reach out to your local real estate professional and request a comparable market analysis so you can see what the current market value is of your home should you decide to sell.

Here are some of the benefits one can enjoy as you turn the page into retirement …

Moving closer to the ones we love – According to the National Association of Realtors, one of the main reasons why people move of those reaching retirement age is to live closer to family and friends.  

If you find yourself living further away from those most important to you … retirement and the equity you’ve built into your home may just enable you to “make the move” to be closer to the ones you love.

Finding the right home The equity in your home will not only give life to a move to a new location, but it can also help you purchase the best home that will fit your wants and needs when it comes to the size and style of the home that will be more suitable for you today and beyond.  Most at this stage of their life are looking to downsize.  Many who are looking to retire are thinking forward and are looking for that “one level living” home for ease of living and a better quality of life.  

My best advice … whatever your real estate goals are, speak to a local real estate professional to discuss your own personal real estate goals.  Some people get “stuck” in their own situation because they don’t know what their first steps should be, some claiming they don’t want to become “homeless” given the climate of today’s real estate market.   Speaking to a real estate professional can ease that worry and help shed light on the process and will also be the one who can guide you every step of the way 

If you’ve recently retired and your needs are changing, you are certainly not alone. Talk to a real estate professional to discuss what your best next steps for you should be.  

Helping buyers and sellers achieve their real estate goals.