What Does The Spring Real Estate Market Bring In 2022?

What does the spring market for real estate bring? That's such a good question to be asking right now. That kind of is the question of the day, right? What does the spring market bring for real estate? I think there's a couple answers really, actually probably three.

So the first one is low inventory of homes for sale. I guess that's here we go again, or maybe, actually it's probably here we still are, but low inventory. There's no indications that we're seeing any real influx of additional homes for sale coming on the market. So that likely looks like it has looked, so don't see much change there.

The second thing that I think we're going to see what does the spring market bring, bidding wars again, still, again, here we go, however you want to say it. But there's definitely with a shortage of inventory, there's destined to be bidding wars continuing into our spring market. Probably looks a lot like it did last spring, to be honest.

I don't see anything really changing there, which leads me kind of the third thing that I think the market brings, I know it does, is higher interest rates. We're already seeing them. Interest rates in the last or in the first, the last couple weeks or the first couple weeks of this year, however you want to say that, we've seen rates jump up quite a bit. What that's likely going to do for the spring market is drive more people into the market earlier in the year versus later, because they don't want to miss out on the lower rates that we still experience. As they go higher, we're still missing out even on what seems higher now, but it'll be probably a pretty good rate later in the year. Hope that made sense.

So I think we're going to see a lot of people rushing into the market early in the spring. I think we're going to see bidding wars and continued shortage of inventory.

So what does this all mean? What does it mean for you? What does it mean for me as a real estate agent? Here's what I think you should do. If you're looking to buy a home, I would get started now. I would not wait till what you traditionally think is the spring market. You know, a lot of people think of the spring market as being April, May, whatever. I think the spring market, especially this year 2022, the spring market starts now. There's going to be a rush. And the only way to be able to mitigate the competitiveness of multiple offers and bidding wars is to get in there now while it's still a little bit on the early side for a lot of people. A lot of people will wait, and the smart ones will be in there fast, I think.

So if you ask my advice, "Hey, Eric, I'm looking to buy a home this year. What do you think I should do?" I'd say let's get started now so you beat that massive rush that is coming and you take advantage of the lower rates that we're still experiencing, even though they're higher than they were a month ago, because they're going higher.

So if we could help you in any way, please reach out, give us a call or simply fill out the form below. We'd love to help.

 

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