OLDFIELD JANUARY 2022 MARKET REPORT
Press play on the video below for an update with the latest stats and details as well as insight on the Oldfield real estate market.
Are prices going up or going down in 2022?
There are several bits of data that I have found of interest in the last couple of days. First of all, it is now official. Inflation is increasing at a rapid pace. A headline in the Wall Street Journal this week was titled, “Inflation Hits Fastest Clip Since ’82.” What does this mean to you and me? It means higher interest rates. And psychologically this will cause some buyers to hold off on purchasing as they feel they “missed out” on the lower rates.
Secondly, I find this quote from Zillow extremely interesting, “An outside panel of economists and housing experts participated in Zillow’s most recent Home Price Expectations Survey. When asked whether sales will rise or fall in 2022 compared to 2021, 41% of participants said sales will grow, 41% predict a slowdown, and 18% believe sales will remain roughly the same.” The bottom line is that no one knows what prices will do in 2022.
And lastly, the National Realtors Association released information from their recent survey. It found that about 40% of the 2,100 Americans recently surveyed are considering a move in 2022. Some of the reasons included:
- Wanting more outdoor space (yard)
- Current home too small (with working from home, some adult children returning, and some parents moving in who have care needs)
- Needing a larger kitchen
- Wanting to move to a safer part of the country
- Wanting a different quality of life as they now work remotely and can live anywhere.
If you are considering selling your current home, give me a call and I will be happy to give you a market valuation and let’s see if we can get some of these people who are moving to buy and move into your home! As always, please give me a call if you are buying or selling anywhere in the lowcountry and let me know how I may be of assistance.