Greencastle, PA, Jan 11, 2022: Throughout the pandemic, the housing market has been on fire all over the country. This can be attributed to various factors such as low mortgage rates due to the financial crisis, a wave of millennial first-time buyers, and remote work that has enabled buyers to work away from the office. Despite the record prices, there are signs pointing towards the end of this housing boom.
Unfortunately, there’s no consensus as to whether we can expect prices to grow — neither buyers nor sellers feel at ease due to the pandemic. Sitting at the top of the industry are Zillow and Goldman Sachs, where Zillow predicts that home prices will increase by 13.6% between Oct. 2021 and Dec. 2022. On the other hand, Goldman Sachs projects that a 16.5% increase will happen between Oct. 2021 and Dec. 2022.
Ashley M. Miller, an expert from Your Home Hero also pointed out that the biggest 12-month price movement was 14.1% back in the times leading up to the 2008 housing crash. Moreover, Zillow and Goldman Sachs have foreseen that priced-out buyers will fall even further behind in the coming year. According to Fortune, home prices have risen 4.6% each year since 1980, which is four times higher than the price growth of 19.9% in the last year.
How will this affect individuals buying a home? According to Fortune, four out of seven models that it looked at predicts that prices will go back to normal by 2022. Fannie Mae and Freddie Mac also expect U.S. home prices to increase by 7% and 7.9% respectively. While the real estate market can only be unraveled in time as we get further and further into 2022, Ashley M. Miller and her team of Maryland real estate agents are here to ensure that you get the help you need.
Get in touch with The Ashley M. Miller Team, Your Home Hero by visiting: www.yourhomehero.com.