Will The Hot Market Last & How Long?

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MINT HILL, NC – While the hot real estate market is all across the nation, how hot it is depends on your local market. For example, a recent report from the Minneapolis Area Realtors stated that demand is at a 20-year high, while inventory is at a 20-year low.

This is likely more common across the country than the contrary. While not all local real estate markets will be this hot, many are very hot. Even though the Mint Hill real estate market and most other markets slowed a bit over the holidays, the market is still very, very hot!

It’s rather normal for the real estate market to slow throughout the holidays and throughout winter. The winter season, in most markets, is the slowest season of the year.

Real Estate Markets Heating Up Earlier This Winter

Typically, the market might start to heat up a bit in February, but this year, it seems to be heating up much sooner. The interest rate hikes that are coming, are likely responsible. Many buyers are trying to lock in a house and mortgage before the rates go up.

However, it’s also important to put things in perspective. The rates are expected to go up a few times in 2022. It’s likely the rates will go up by 0.5% to 0.75% with the first hike sometime in March. Compared to the historic interest rates, they will still be incredibly low.

It’s also predicted that the rate increases will also lead to lower home price increases. This could help even things out a bit, but only time will tell. This year is going to be interesting with several factors impacting the real estate market.

Will the Housing Market Remain Hot?

Of course, it will depend on your local market whether or not it remains hot. The Mint Hill, NC real estate market will very likely remain hot, while another local market may cool off. Let’s look at a few sources that have spoken about this topic.

According to Peter Lane Taylor on Forbes.com, the biggest issue post-pandemic is affordability. This comes from an article written last year that talks about how the housing market may cool off over the next few years.

Another article on RamseySolutions.com talks about predictions for the 2022 housing market. This article states, “There’s a good chance homes will continue to get snatched up fast in 2022.” It also talks about how there will be more foreclosures, but it should be a lower amount compared to pre-pandemic levels.

Most real estate experts believe the market is going to slow down some in 2022, but it will remain hot. Prices may not climb as fast and inventory may start to grow a bit. However, it’s likely the hot market will at least last through 2022.

I would love to be part of your journey when the time is right for you. If you ever have a real estate question or need, or know someone who does, trust that you can turn to me.  I will help you make the right move! Anna Granger (704) 650-5707 | annagrangerhomes@gmail.com | www.1stchoicepropertiesinc.com

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