I predict prices will continue to rise in 2022 but at a slower rate: from 5 to 10%, instead of the 15 to 20% rise we saw this year. We'll see fewer multiple offers and, when we do, we'll be seeing 2 to 4 multiple offers instead of the 6 to 20 we saw last summer. In other words, it's still going to be a very hot seller's market but, to keep it in perspective, you could say it'll be about 150* hot instead of the ridiculous scorching 210* we saw last summer!
The big caveats to this are:
1) If interest rates go up (which is very likely), we will see an initial surge of buyers trying to buy before the rates go up further followed by a much longer term slow down.
2) Covid Close-Down. If omicron hits us hard, we'll be forced to shut everything down again. Not only will this slow the economy down, it'll put a further crimp in the supply chain, meaning it'll take even longer to work that crimp out.
As always, we help people buy and sell homes no matter what the market conditions, getting them the best deal possible. If you are considering buying and/or selling in 2022, contact us now. We promise we'll be able to help get you the best deal possible in 2022.
Thank you for your business and referrals in 2021! We look forward to helping everyone in 2022.