Currently, the real estate market is booming!! Back in September 2021 nearly 9 out every 10 homes was on the market for less than a month. Let’s take a look at what experts are saying about the 2022 outlook as we finish out 2021 and ring in 2022. The Connecticut Real Estate market has seen home prices increase and it is predicted that the market will continue to be strong. This is due to a lot of people moving out of NY, because they are looking for more space or to feel safer. These homeowners are also wanting to be closer to their friends and family. This is creating a really strong sellers’ market. Across the nation, the median existing-home sales price climbed 13.3% from a year ago. Sellers are in a really great spot right now. This is likely due to their homes being moved very fast and they are getting the prices they want. It is predicted that this momentum will continue well into 2022. However, it is also predicted that the market will start to level out a bit. There is some hope that the market will go back to a more normalized pace in 2022. We are expecting interest rates to go up a little bit. That will push out some buyers who are on the fringe who can’t afford the rising prices and the rising interest rates at the same time. While prices are going to continue to go up. If you’re searching for a home right now, then you’ll need to find a mortgage broker that can move quickly, if you want to put in an offer in. Even though prices may not be negotiable in this market, consult your Venture One Realty Real Estate Agent for other ways to make your offer competitive.
