Here’s what you should know about home prices heading into 2022.
We hope that the season finds you and your family happy and well. We want to take a moment to thank you for trusting us as your real estate experts; we’re glad to have helped so many of you this year.
What everyone wants to know is whether home prices will decrease next year. The Phoenix real estate market is still very hot, and home price growth is expected to continue in 2022. If you’re considering buying a home in the current market, you may be asking how strong your investment will be. You might be asking yourself if you buy a home now, will it lose value or continue to appreciate?
Since home prices are not projected to fall, you can rest assured. However, price increases are expected to move at a more normal rate than they have been this year; they’re projected to climb, but at a more moderate pace. The influx of people moving into the Valley is creating a lot of demand for the limited supply of homes on the market. We also have a lack of new construction due to lumber shortages. That’s a great recipe for a continuing hot market.
“Home price growth is expected to continue in 2022.”
In 2022, it will remain crucial for serious buyers to be prepared to act quickly with a pre-approval for a mortgage. While it’s an excellent time to be a seller, buyers shouldn’t be discouraged; interest rates are quite low right now, which means buyers can afford more house compared to when rates are higher. There are homes available in every price range, but buyers need to be realistic when creating a wish list for their dream home. It’s critical to list your deal-breakers and negotiables when shopping for the ideal house. Buyers should know what they want, but be open to some modifications; some things can be updated or altered, but some can’t.
Let’s connect to ensure you’re up to date with what’s happening with home price appreciation and your real estate goals. We can help you make an informed decision about your next move. If there’s anything we can do to help you in the new year or you have real estate questions, please don’t hesitate to reach out via phone or email. We hope you have a joyful holiday season and the opportunity to relax and appreciate this special time of year.
