Where do I see the housing market going in 2022?
This morning as I was sipping my coffee and going through the Fannie Mae report, I was reflecting on what the main question I have been getting recently..."Skip, where do you see the housing market going in the near future?" Now...I am not a prophet or the son of a prophet, so I can only use 17 years of real estate experience and quite a bit of research to be my guide (hence me reading the Fannie Mae report!).
(Click on the image for the full report)
I was not really taken aback by most of the numbers that they are projecting about 2022. In most of the sections they are projecting a small decline from 2021 to 2022 taking hold in the second quarter. The only bright spot they project--a rise is in new construction really starting in the second quarter. Mind you its a modest rise but it is noteworthy because because all the other sectors they show a modest decline. Keeping in mind, on the report, all the numbers are still projecting to be very solid--just not as robust as 2020/2021.
If you're thinking about selling your home in the near future, I would make my move sooner rather than later. If you're thinking of buying a home it may make sense to move this year rather than waiting till next year because looking at these numbers it appears 2022 will look a lot like 2021but with a higher interest rate. This will cause you to have less buying power and according to these numbers it looks like the prices will remain close to the 2021 numbers.
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