Real Estate Special Section Summer 2022
While we are all trying to stay cool , there is no doubt the housing market remains red hot . The past two years have been a whirlwind of buyers hoping to lock in low mortgage rates and sellers hoping to take advantage of the seller ’ s market . To date , the U . S . National Home Price Index is the highest it ’ s been , even pre-pandemic , with interested buyers outnumbering the homes on the market , creating bidding wars and driving up sale prices .
Many sellers are receiving asking price or more for their homes , making it an attractive option for those looking to downsize or those with a second home . And this summer , home prices are projected to be at an all-time high . Zillow ’ s growth forecast projects year-over-year change in home prices to be more than 21 percent . Estimates by the experts suggest 2022 growth in home prices will vary between 11.2 percent ( Fannie Mae ) on the lower end and upwards of 16.4 percent ( Zillow ) on the higher end .
What aren ’ t we hearing ? That home prices will decline — so if you ’ re in the market to sell , now ’ s the time to do it . There are buyers out there just waiting to make your home their own !
Buyers are continuing to face bidding war after bidding war , especially in highly desirable neighborhoods . And , according to Zillow , listings are down nearly 20 percent from just over a year ago , making inventory for many buyers hard to nail down . If buyers are serious about purchasing a home , it ’ s important to be prepared . Even if you think you just want to start the process by seeing what ’ s out there , know what you can afford ( think down payment , monthly mortgage , funds for house projects , etc .) and have a preapproval letter ready to go .
Knowing what you ’ re preapproved to spend will give you and your realtor an idea of where to start looking . Be sure to keep an eye on rising mortgage rates , with the Mortgage Bankers Association ( MBA ) predicting rates rising beyond 4 percent by year ’ s end . What does that mean for buyers ? It could mean that a preapproval amount for a mortgage may decrease as interest rates add more fees to monthly payments . But rest assured , while rates may be rising slightly , they remain significantly lower than historical averages .
Whether you ’ re buying or selling this summer , the process can be an emotional one , especially in a competitive landscape . Be sure to arm yourself with knowledge and know-how before you hit the market . Enlist the help of a professional real estate agent to help guide you on the journey .
WANT TO SELL IN 2022 ?
Putting your home on the market requires a lot of work and can be emotional . Sellers often assume buyers will like their taste in décor and design and may overlook simple things that could keep their home from appealing to a wide variety of different buyers . These tips will help you make your house marketable :
1 . You only get to make a first impression once . Start with good pictures for your listing . Clean the space as if you were
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MARS AREA ❘ SUMMER 2022 23