As we enter the halfway point of the year, sellers and first-time home buyers are seeking predictions for the 2022 summer housing market. While some investors may have different predictions about how the market will unfold in the coming months, Washington state real estate trends reveal the state will continue to remain one of the hottest markets in the United States this year.
Are you wondering if it’s still a good time to sell your home in what seems like a volatile market? Here are a few things every seller should be aware of prior to making a jump.
Is it still a good time to sell my house?
The truth is that homes are still likely to see plenty of buyers for the remainder of this year. Although interest rates are on the rise, investors and first-time home buyers want to lock in the best rate now, according to Matthew Mackay, a licensed associate realestate broker and co-founder of the Mackay Dixon Team at real estate brokerage Douglas Elliman Real Estate in New York City, this means we are in a seller’s market as opposed to a buyer’s market due to current market conditions.
Market volatility explained
Put simply, market volatility refers to a big shift in prices over a specific period of time. The fluctuation of price can be a positive thing for sellers looking to put their homes on the market to benefit from current conditions.
So are we in a seller's market?
Limited inventory and record price growth have definitely created a market more favorable to sellers than buyers. Although a recent increase in inventory and interest rate hikes has colled the market down slightly, it is still a hot seller's market. In fact, in a recent interview, Marci Rossell, chief economist of Luxury Portfolio International, said “When people perceive the world is getting riskier, they save more, not less, and real estate continues to be the asset of choice.”
2022 Summer Housing Market Predictions
Despite the fact that increased interest rates and inflation are slowing the pace of numerous markets, new residents are flooding into the suburbs of Washington state, which will likely continue to fuel demand and competition. Recent interest for more space and lower prices has fueled the local housing market since the start of the pandemic, with various suburb areas outside of Seattle witnessing home prices leap 20% to 30% in one year.
Nonetheless, predictions for the condition of real estate markets in the coming months suggest inventory is forecasted to remain tight as rent continues to rise, resulting in an increased amount of first-time home buyers on the hunt for the perfect home. There is still enough demand and lack of inventory in the housing market, and home sellers should be able to benefit from this dynamic.
Although the market may fluctuate a bit in the next few years, PresGroup Realty is here to help. We specialize in matching new home communities with their future owners. If you are ready to put your current home on the market, our team of regional experts is ready to assist with all of your real estate needs.
Want to learn more about how we can help sell your home? Get in touch with us today to get started.