The Power Is Now real Estate Magazine | January 24, 2022

the power is now REAL ESTATE MAGAZINE

BUYERS BRACE YOURSELF! 2022 Might be Tough U.S Home Listings Hit an All-Time Low page 4

REAL ESTATE FOR SALE! JANUARY 24 | 2022

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POWER REAL ESTATE

Buyers Brace Yourself!

2022 Might be Tough

U.S Home Listings Hit an All-Time Low

50% to 80% of the area’s median income could afford to buy a home in only 39 of those metros.

While these rates may sound grim, the rate of affordable metro areas dropped to 20 percent in 2021.

PREDICTIONS FOR 2022

Andrina Valdes, COO of Cornerstone Home Lending, Inc., pointed to statistics from a variety of housing authorities — including Fannie Mae, which predicts a 7.4% home appreciation for 2022, and the National Association of Realtors, Despite the difficulties faced in 2021, buyers have which predicts a 2.8% appreciation for existing managed to stay in the game due to interest rates. homes and a 4.4% appreciation for new homes — However, buyers at the lower end of the market when explaining her prediction for home prices in will be pushed out slowly, with rates and prices 2022. Although home values may not depreciate, edging up. First-time home buyers are already the rate at which home values are appreciating is getting priced out of the market at an increasing expected to slow down. rate, and higher prices have pushed the percent of those who can afford a house below 30% for the first time in many years.

Buyers need to be more creative with their offers to beat the competition because housing will be highly competitive. The determination of buyers Examining home prices in the 100 largest U.S. who aren’t giving up until an offer is accepted metro areas, Harvard’s Joint Center for Housing guarantees that competition will remain intense, Studies found that in 2020, a household earning especially in desirable metros. Prices may go up, 4

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THE POWER IS NOW MAGAZINE | NOVEMBER 2021

PHOTOS FROM 123RF

2022

might be challenging for buyers hoping to become homeowners as home listing hits an all-time low. This difficulty is not a result of the buyer’s individual financial choices but the inability of the market to supply affordable houses that keep pace with current demographics.

The rate at which home values are appreciating might slow down in the next year, and the number of prospective buyers actively searching for a home has dropped.

rates may rise, inventory could expand, but there’s one certainty we can predict: People will keep buying houses, and affordable homes will remain hard to find.

The inventory of existing homes for sale grew throughout 2021 but stayed low enough that we’re still nowhere near a buyer’s market or even a balanced one. On top of that, affordable homes are even harder to find, as scarcity — among other forces — drives up prices.

homes for sale and increasing butter demand with low-interest rates and stimulus payments.

Undoubtedly, the market will continue to emerge strongly in 2022, but with continued low supply.

While it is believed that the demand for housing and the entire housing market won’t be heated as of 2021, as buyers, you need to brace yourself.

As you start making plans for the new year, you must consider housing ownership. With the U.S Buyers should expect a very competitive market home listing hitting an all-time low, it might get through 2022, with multiple offers on most of difficult to get yourself a home. All you have to do the properties you are interested in. Available is reach out to The Power Is Now Media agents. inventory is still low, but it is slightly higher than at the start of 2021. The supply of available homes You will get access to 100% affordable housing will likely increase throughout the next year, it loan programs and state homebuyer assistance is still expected to be much lower. The housing programs. All you have to do is reach out to Eric market has improved due to the limited supply of Lawrence Frazier, MBA.

WWW.THEPOWERISNOW.COM

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Offered at $145,000

PROPERTY INFORMATION

Bed/Bath: 4/2.00 Total Rooms: 6 Square Feet: 1512 Year: 2003 Housing Type: Manufactured Home Lot Size: 1.01 acres

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LISTED FOR $420,000

201 Cedar Ridge Dr Rio Vista, CA, 94571 Property Information

Bed/Bath: 2/2.00 Total Rooms: 6 Square Feet: 1410 Year: 2001 Housing Type: Single Family Home Number of Stories: 1 Lot Size: 5330.00 sq ft

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SEARCHING FOR YOUR HOME? 16433 Brewer Rd Grass Valley, CA, 95949

Offered at $455,000

PROPERTY INFORMATION

Bed/Bath: 3/2.10 Total Rooms: 7 Square Feet: 2182 Year: 1991 Housing Type: Single Family Home Number of Stories: 1 FEMA Flood Zone: No Lot Size: 1.67 acres

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328 Peg St Ridgecrest, CA, 93555 Kern County Property Information Address: 328 Peg St Ridgecrest, CA, 93555 Bed/Bath: 4/2.00 Total Rooms: 7 Square Feet: 1556

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Year: 1969 Housing Type: Single Family Home Number of Stories: 1 HOA Fees: $0.00 Lot Size: 7260.00 sq ft

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LISTED FOR $315,000

37010 Big Springs D Caliente, CA, 93518 Kern County Property Information

Bed/Bath: 3/1.10 Total Rooms: 5 Square Feet: 1224 Year: 1995 Housing Type: Single Family Home Number of Stories: 1 Lot Size: 20.10 acres

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LISTED FOR $240,000

1723 Mango Way Hemet, CA, 92545 Riverside County

Property Information

Bed/Bath: 2/2.00 Total Rooms: 6 Square Feet: 1754 Year: 1985 Housing Type: Manufactured Home Lot Size: 4791.00 sq ft

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