2021 was an incredible year for real estate. Inventory sold as fast as it was available and sellers rejoiced at the competitive bidding wars between aggressive buyers. But will 2022 reap the same rewards as 2021? According to the National Association of Realtors Chief Economist Lawrence Yun, 2022 looks to be just as promising as its predecessor. Below are three reasons why he believes that 2022 will be a strong year for real estate.
- No Housing Crash in Upcoming Months. Throughout the frenzy of 2021 real estate, there was an underlying fear that a crash reminiscent of 2008 would be just around the corner. However, low mortgage rates combined with high demands and strict regulations against subprime lending should keep a housing crash from occurring.
- Reasonable Increases in Mortgage Rates. Rates are going to increase from record-low levels but by a reasonable amount. The small hike won’t be enough to repel buyers.
- Assistance for First-Time Buyers. The proposed legislation would provide assistance for first-time homebuyers, such as down payments and potentially provide funding for minority and low-income buyers.
Are you thinking about listing your Smith Mountain Lake property? With buyers anxiously watching listings, there has never been a better time to sell your property. Contact me today to learn how my award-winning process has helped connect buyers and sellers in and around the Smith Mountain Lake area.