Happy New Year! Who
knew that 2021 would be as crazy of a ride, if not crazier, than 2020? As we are looking toward 2022 and what the
economists are predicting for our economy and the housing market, we can’t help
but look back at the last year’s ride.
During the past year we have watched inventory plummet and prices soar. In some areas, market values went up as much 20%. Surprisingly, that wasn’t enough to entice more people to sell. Even though builders continued to construct new inventory, they were severely limited by disruptions in supply deliveries, worker shortages, increased wages and increased costs of supplies. According to economists at REALTOR.com, builders would need to double their output for the next six years to close the gap of the deficit in home needs.
Most economists agree that while prices have flat-lined for now, we can expect to see it increase over the next few years simply due to this housing shortage. Even with the market increases this last year, buyers are still ready to buy. Part of the push in buyer demand is the predictions of increase in both the market values as well as the interest rates.
What does this mean for home owners? This could be a perfect time to look at selling your home. Here in Alaska, seasonality in sales can be leveraged to get you the best offers in the least amount of time. As always, you want to focus on having the home with the best condition and priced correctly. If you would like to have a no-obligation consultation to see what that would look like for you, all you need to do is contact us.
If you or anyone you know is looking to possibly move in the next year or two, it’s not too early to start your game plan—whether you are buying or selling or both. Give us a call at 907-830-3555 or send us an email at hello@SearchYourAlaskaHome.com. We love the opportunities to help folks develop a success strategy in building their real estate wealth.
We will continue to be vigilant in watching the market on your behalf and sharing the information with you. And, as always, we look forward to hearing from you soon!
