What to Expect From the Real Estate Market this Year

 

Homes represent the largest single purchase most people will make in their lifetime, it’s essential to choose the right agent to work with. Buying or selling a home in Nashville is a complex, sophisticated, and often deeply personal endeavor. A client deserves the full service and attention that only a team of experts can consistently provide.

 

 

 

With the current real estate market stabilizing it’s becoming a healthier market. Even though interest rates have slowly risen they always come back down. It’s a regular pattern we have noticed throughout the years. “The U.S. housing market last year experienced its highest one-year increase in home prices since at least the 1970s, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, and prices rose 18.8% in 2021.” With mortgage rates rising this is finally slowing things down a bit and returning prices back to their normal range. The competitive landscape is winding down and prices are finally stabilizing in our area.

 

 

With a recent increase in inventory, buyers are now having more options to choose from. This allows the buyer to be pickier about what they are looking for and gives them time to find the perfect home for their needs. Active buyers can worry less about bidding wars and dropping benefits in order to entice a seller.

 

 

The National Association of Realtors® surveyed over 20 top economic and housing experts, predicting that housing prices are expected to climb 5.7% through the end of 2022. We have seen that homes are remaining on the market longer than one day which is normal and creates a healthier market. Sellers are in a good position to market their homes and watch the value rise. The NAR’s chief economist Lawrence Yun makes two great points; “Home prices are in no danger of decline on a nationwide basis, but the price gains will steadily decelerate such that the median home price in 2022 will likely be up 8% from last year.”. He goes on to mention that fast-rising rental costs will push people to consider buying a home.

 

Working with The Morrell Property Collective, you will have the personal attention traditionally associated with the client-agent relationship improved by the professionalism and consistency of a thoughtful business model. We’re here to help you understand the market, and walk with you through every step of the process!