Real Estate Thoughts & Quotes for 2023
Teddy Roosevelt once said, “Nobody cares how much you know until they know how much you care.”
Last year we saw an uptick in the number of people who moved. In fact, Boston condo sales were actually strong last year regardless of the Covid. I expect that trend to continue this year and that there will be more Boston condos for sale in 2022 than there were in 2021.
The seller’s market we have been experiencing for the last five years or so will also continue and strengthen. The construction of new housing has not kept up with population growth in the metro area.
Interest rates are likely to go up in 2022 to somewhere around 4%. The pandemic did slow home sales during part of 2020 but isn’t likely to have the same impact in 2022
“About two-thirds (65%) of homeowners say they are confident they would get the asking price for their home if they were to put it on the market today (up from 40% in 2010).”
“Eighty nine percent of Americans feel that buying a home is an important part of achieving the American Dream.”
“Sixty eight percent of Americans feel that now is a good time to buy a home.”
“A two-thirds majority of renter households said that owning a home someday is a specific goal that they are determined to reach, or something that they think about a lot.”
“Homes have accounted for 23.5% of American’s wealth on average since 1959. That’s nearly double the proportion U.S. households and nonprofits have invested in stocks.”
“A measure of owners’ equity as a share of the value of real-estate holdings hit 53.6% in the second quarter, up from 53.2% in the first quarter and below 50% a year earlier. For most Americans, a home is their biggest asset, so the growing level of home equity suggests improvements in the economy are now reaching more Americans.”
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