A Pandemic of Real Estate Prices?
You may be wondering what will happen to real estate prices in 2022?
Looking at the Willamette Valley Multiple Listing Services statistics, from December 2021 to Current, the average median Sales Price went up 2.6% making the median price $400,000. So, home appreciation has remained steady.
New listing inventory has risen 7.4% from a year ago January 2021 to today’s date. Homes have been on the market for an average of 48 days which has decreased by 14.3 % meaning they have closed with less time on the market. That is from the day it hits the market to the day the keys are handed over to the new owner.
Will this Omicron Variant impact the real estate market? We saw that as Covid first hit, buyers were still looking to buy and competing against multiple offers. Many people were left to work from home. For them, this meant up-sizing to get the extra space for a home office or because they will spend more time in it. We could see a slow down if interest rates continue to rise, and how this affects our buyers’ current purchasing power by decreasing their pre-approval amounts.
As spring comes around the corner, we hope to see more listings come up which will help buyers have more options and hopefully be a little less competitive.
For a seller, what are tips that require little money to get the most money out of your home and make your home more attractive? Fresh interior/exterior paint, caulking where needed, floor/door trim painted, nice lawn, and decluttering. These are simple and easy things to do. If you have already decided to sell, you might want to start packing and begin donating, selling, or packing away items you won’t be using anymore. This will make your home look bigger and more welcoming. Another thing is lighting, make sure all your light bulbs are working.
As for buyers, the best first step when looking to purchase a home is to get pre-approved. Many sellers do not want anyone scheduling a home tour if you are not pre-approved, this is due to Covid and sellers wanting to limit the people in their homes. Second, would be looking at homes at least 10k under your pre-approval limit. It is still a seller’s market meaning we are seeing multiple offers and homes selling above the asking price. Be ready to do a little more of the maintenance work when buying or moving in a home as many sellers want to sell AS IS.
If you are a first-time homebuyer and are pre-approved, I would not wait and would buy as soon as possible. Remember, your first home might not always be the home of your dreams but a first step to get there!
BIO ABOUT ME
My name is Mayra Rocha, I am a bilingual realtor with Tu Casa Real Estate. I enjoy helping my clients with the dream of homeownership and love seeing the smiles it brings when I hand over the keys on closing day!
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