Here’s what the experts say about the future of our real estate market.
Recently, many clients have asked me, “What will happen to the real estate market in 2022?” While no one has a crystal ball, we have the next best thing: looking at what the experts have to say.
When you combine our historically low interest rates with changing demographics across the country, you get buyer demand unlike anything we’ve ever seen. What will that mean for 2022? While the experts mostly agree, each one has a slightly different spin on the data.
Lawrence Yun, the chief economist at the National Association of Realtors, predicts that strong buyer demand will continue into 2022. To back up his claim, Yun points out that in October, six million single-family homes were sold—that’s the highest number in over 15 years.
Meanwhile, Odeta Kushi, the deputy chief economist at Deputy American, points to the number of folks applying for mortgages. This number continues to be high and points towards continued demand.
Finally, Mark Flemming, the chief economist at First American, believes that changing demographics will be the wind in the sails of our hot market. As more young people settle down and plan to start families, the number of new buyers will likely increase.
So, if you’re curious what 2022 will look like, it will probably be similar to 2020 and 2021. That means high demand and low supply. Not many people are moving away from the Dallas/Fort Worth area; meanwhile, more people are moving here every day. As long as this dynamic remains, inventory will be low, demand will be high, and homes will appreciate at record levels.
If you have any questions about today’s topic, please reach out to me via phone or email. I’d love to help in any way I can!
