Going into the second month of 2022, I would love to share with you some real estate tips for this year:
1. Market continues to rise across the U.S due to supply and demand – “If I sell where will I go?”.
2. Owners stay put, remodel their homes – materials’ price skyrockets due to supply chain delays.
3. People working from home – employers will look for smaller office spaces.
4. Rents will continue to increase in major cities; some by 30-40%.
5. People will continue renting instead of buying – can’t afford to buy.
6. Interest rate hikes expected May-June and again end of 2022.
7. Outdoor space became much more important.
8. Developers re-evaluate amenities for homes and condos – emphasis on open space.
9. When buying in 2022, buyers must know upfront what they can afford.
10. 2022 will continue the negotiating trend of few contingencies.
11. Buyers can get loans but sellers will not allow loan approvals – especially in competitive bids.
12. Sellers can ask a “make me move” price.
13. Buyers must have proof of funds when making an offer.
14. Buyers will continue to have little negotiating power.
15. Buyers must offer asking or over asking price.
16. Demand for secondary homes will remain strong – ranches, farms, beach & ski properties.
17. Buyers will get “one showing” before having to decide to buy a property.
18. The high-end will be strong with foreign buyers returning to invest.
19. Crypto buyers will outspend many high-end buyers.
20. Crypto buyers will buy more real estate with crypto currency.
21. A tear-down in Beverly Hills will continue to cost $7 million.
22. Value-add properties will be popular.