To New Beginnings
As the end of the year is approaching we still see a rise in home prices but interest rates are still pretty low. Many of us think a recession is on the rise but truthfully, we had one last year. Real estate inventory is still low and the competition is still fierce. Given the shortage of inventory in most regions of the county and the high demand for homes, many rural and suburban homeowners continue to realize phenomenal returns on their properties. In some small towns, prices have soared up to 25%. Three key factors are fueling the current low inventory and high demand for homes, especially in rural and suburban areas. “First, even before the pandemic, many millennial families were already leaving cramped quarters in urban areas for suburban and rural locales. Secondly, remote work, which seems here to stay, is expanding where people can live anywhere. Finally, buyers who may have once preferred to invest in a new home are increasingly looking at resale options as supply-chain problems continue to hamper the ability of developers to complete projects” Cheers to the new year! Let’s see what 2022 brings us for the Real Estate world!