This is where our national and local real estate market is heading in 2022.
As most of you know, 2021 was a banner year for real estate. Median home prices in the Tampa Bay market accelerated by about 18%. Even with this amazing year in real estate, though, we still didn’t sell as much as we did back in 2006, which implies that we still have more runway in front of us.
Goldman Sachs, one of the biggest financial institutions in the world, says that we’re going to see 13% to 16% appreciation in 2022. That means if you haven’t bought a home yet, you still have time. Also, interest rates are charted to remain very low; though they may gradually rise as the new year progresses, they’ll stay below the average that we’ve seen in past generations. Back in the ‘70s and ‘80s, interest rates could be as high as 13% or 16%! In 2022, however, they’ll stay below 4%.
What does this all mean? Well, for us here in Tampa Bay, it means that we’ll likely see a continuation of the 2021 market. More people will be moving to Florida and buying real estate, so now is a great time for sellers and investors to take advantage of market conditions.
If you’re looking to buy or sell real estate in 2022, don’t hesitate to give us a call or send an email. We’ll take care of you. We hope you and your family have the best possible holiday season. Stay safe, and have a happy New Year!