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Boston real estate predictions for the remainder of 2022

Prediction 1: There may be less competition for higher priced homes

Mortgage rates are on the rise: Mortgage rates on a 30-year fixed-rate mortgage hit 5% this month, the first time that’s happened since 2011, and pros say they may keep going up. Most Boston condo buyers base their price range on how much they can afford every month and mortgage payments go up for a given loan size as rates increase. As a result, the increase in mortgage rates means that homebuyers will have to adjust their expectations, and begin shopping in lower priced Boston condos for sale. We might see less competition for Boston luxury condos and more competition for lower-priced homes.

Prediction 2: Rising mortgage rates may force some Boston condo buyers out of the market

Somr Boston condo buyers will be forced out of the market because of the hit to affordability from rising interest rates. With Boston condos prices on the rise and an increase in interest rates now up to 5% will force some out of the Boston cono market.

Prediction 3: Boston condo prices will keep going up, but growth will slow

real estate will go even higher over the coming year, Fortune reported this week. But the good news for Boston condo buyers is that home price growth may slow somewhat in 2022. Zillow says that annual home value growth will “continue to accelerate through the spring, peaking at 22% in May before gradually slowing to 17.8% by February 2023.”

That said, don’t expect this to become a seller’s market anytime soon.

Here’s where you can look at Ford Realty’s Google Reviews

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Boston real estate predictions for the remainder of 2021

With the nation’s economy climbing out of a COVID-19 hole, home sales continue at a record pace. Total existing-home sales rose 2.4% from July to a seasonally-adjusted annual rate of 6 million in August. Sales were up 10.5% from a year ago.

Home-buying demand

After plummeting in March, home-buying demand continues to take steps towards recovery. On average, newly listed properties remained on the market for 22 days in August, down from 31 days in August 2019. Sixty-nine percent of homes sold in August 2020 were on the market for less than a month.

“The demand for houses is easily eclipsing the available inventory in metro areas across the country,” said Adam Contos, CEO of real estate brokerage RE/MAX Holdings. “Buyers are moving forward in record numbers, unfazed by inventory challenges and consistently higher prices. Homeowners in a position to sell are seizing the opportunity and benefiting from the one-two combination of enthusiastic, competitive buyers.”

The number of homes for sale continues to lag. Housing inventory totaled 1.49 million units at the end of August, down 0.7% from July and 18.6% from one year ago. Unsold inventory sits at a three-month supply at the current sales pace, down from the four-month figure recorded in August 2019. Six-months of supply is considered healthy.

Scarce real estate inventory

Scarce inventory has been problematic for the past few years, an issue that has worsened in the past month due to a steep surge in lumber prices and a dearth of lumber resulting from the massive wildfires devastating Western states.

Here are nine predictions from housing industry experts on what the rest of the year will spell for the nation’s housing demand. (The text has been lightly edited.)

My 2021 real estate forecast?

More exuberant but lower-motivated sellers will enter the marketplace committed to not giving it away!  Their list prices will be 5% to 10% higher than today, causing some areas to be whipped into a frenzy, but in other areas, the unsold stack up too quickly and become a glut. Buyers will determine which is which!

Beacon Hill apartments for rent will continue to lag as colleges continue to push off-campus courses

Contact me to find to set up an appointment to start your Boston condo-buying process.

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Updated: Boston Real  Estate Blog 2022

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