Goodbye 2021!
As we wrap up 2021, we want to quickly reflect on the past year and look at what to expect in 2022. It goes without saying that 2021 was not normal but let’s put some data behind it. According to CoreLogic’s home price index, the average home in the U.S. increased in value by 18% this year marking the biggest increase ever. Man I wish I bought sooner! But this was aided by the shortage of inventory and sustained historically low interest rates. So what are we expecting in 2022? You’re guess is as good as ours… why even try at this point? But here’s what the experts are saying… The housing market is expected to continue its boom with most economists expecting another 5-8% increase in home values. Increased inventory should reduce bidding wars but interest rates could play a big role in 2022. About those interest rates… We don’t know where they’re going but we do know they are historically low right now. Take advantage. Let’s make it a great 2022