National Market Update Part 1

National Market Update Part 1

The most common question I get asked, is how’s the market? And with so much information and uncertainty out there, it can be hard to cut through the noise and really see what’s happening in the market. I’ve seen so many different markets over the last 20 years. I’ve seen it all. Rich Barnes, Realty Experts in West Allis, Wisconsin, 53214. And let me help cut through the noise and go to the experts for information. Looking toward 2022, let’s talk about one of the hot topics, mortgage rates. Doug Duncan of Fannie Mae says, “Right now we forecast mortgage rates to average 3.3% through 2022, which though slightly higher than 2020 and 2021, by historical standards remains extremely low and supportive of mortgage demand and affordability.” So yes, mortgage rates are on the rise and we’ve seen rates consistently go up over 3% in the last few weeks. This means that it will cost more to purchase a home, so you want to get in on the action now. But mortgage rates aren’t the only thing on the rise. Home prices are projected to rise as well, though not as quickly as they have been currently. While, last year brought us appreciations of up to 20%, in 2022, it’s projected to bring us appreciation rates of about 5%, according to industry experts. But Rich, what does this mean for me while I’m selling my house? Great question. Demand is still higher than supply, meaning buyers are willing to pay top dollar for your home. The seller’s market isn’t promised forever, so take advantage while it’s here. I’m Rich Barnes with Realty Experts, and feel free to reach out, even if you’ve just got questions. We’d be more than happy to help. And remember, you can always relyonrich.com. Thanks, and you have a great day.

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