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Calmer waters may be ahead as demand cools and supply increases. Traditionally, spring is real estate season, but buyers across the country have been waiting for summer to finally see a return to normal inventory levels, competition and prices.
Although changes are always expected in the housing market, they don’t always have to be negative! If you’re a buyer who has been frustrated by the lack of homes for sale and the overwhelming competition, some relief may be on the way. Additionally, mortgage rates and prices are anticipated to stabilize bringing even further relief. Nationally, wage growth and low unemployment are positive aspects of our current economic landscape.
Our prediction? While remaining in a seller’s market, mountain real estate will begin to transition away from sellers and favoring more buyers as we progress through mid- to late 2022, with a slight increase in the number of homes that hit the market. As more and more desire to move to the mountains, we expect to see an increased rise in first-time buyers entering the market in an effort to establish the life of their dreams in this glorious place we get to call home.
It’s important to keep in mind that in real estate there is no one “market”, but there are many for specific areas. This is why it is always important to utilize local experts, especially those who have been around for many decades and have seen the trends rise and fall in this exclusive mountain location.