Tonia's 2022 Real Estate Predictions

Dated: January 10 2022

Views: 46

Let me start off by wishing everyone a happy, healthy and prosperous 2022. 

As our world continues to face challenges on every level, one thing remains certain:  Raleigh, Durham and indeed the greater Triangle area of North Carolina is still a very sought after destination to live.  

Just last week, WRAL shared a story:  Raleigh will be the #3 hottest real estate market in 2022.  
Between our thriving job market, universities/hospitals, relatively low cost of living (this is debatable unless you're comparing to Miami, NYC or San Francisco) moderate climate and dare I say SAFETY from the very real climate emergency that's causing record drought, fires and severe weather plauging the western US and other parts of America - I dare say - the population growth for the entire state of North Carolina WILL not let up anytime in the near future. 

Here are my top three 2022 predictions for the greater Raleigh Real Estate Market.  While none of these will be shocking, it's important for people to be well prepared if they are in the market for buying or selling one of our biggest assets.  

1.   Housing inventory will remain at all time historical lows.  As of today, January 10th, 2022, there are currently 2,003 ACTIVE homes for sale in all the Triangle MLS.  This encompasses 104 towns/municipalities/areas pushing all the way up into boardering Virginia.  It's a very vast area.  When I began in real estate over a decade ago, this number was well over 10,000.   It's been in this extremely low range the last 12 months and sadly I don't see these numbers climbing dramatically.  

2.  Housing prices will continue to skyrocket, particularly in Wake County, home of Raleigh, North Carolina.  Here's a graph showing the year over year growth in the average housing price since 2018

In the past 2 years, the average home sale price in Wake County went up nearly 101 THOUSAND dollars, from approximately 317K in January 2020 to 418K - 101K in 2 years!  Holy smokes.  20% growth every 2 years is not sustainable.   

3.  Interest rates will rise. We could see 4.0% by year end. Higher if things really get out of wack.  The Fed must do it, but it's going to be painful. This will result in fewer people being able to afford housing PERIOD.  Not just those trying to purchase a home but those who rent as well since rental rates have skyrocketed at nearly the same rate real estate pricing has. 

While some parts of the Country may see a cool down in real estate sales, I predict the greater Raleigh area will continue to boom.  There's just too much pent up demand. 

What should you do if you're planning to buy a home in 2022?

1.  Get your budget and finances in order.  Contact a trusted real estate professional to help guide you thorugh the process.  We can point you in the direction of resources and strategies that make the process less scary and overwhelming. 

2.  Be flexible with where you are willing to live.  If you are pining away for a particular neighborhood or part of town you could be waiting months or I dare-say even years, all while prices continue to escalate.  

In the market to SELL your greater Raleigh real estate? 

Begin discussions with a reputable and experienced real estate professional well in advance of when you wish to sell.  Much thought and detail goes into preparing your home for sale and snagging top dollar on your life-long investment.  Having a strategy in place and a clear path to where you are moving will make the home selling process more streamlined and less stressful.  

Let's face it, life is already filled with enough stressers as it is.  Our homes are our respite of peace.   Let myself and Zampieri Group guide you or your loved ones, friends or colleauges to your next steps in life.  

Blessings for continued health,

Tonia Zampieri, Owner/Broker
Zampieri Group, powered by eXp Realty LLC

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Tonia Zampieri

Hello, I'm Tonia Zampieri, broker/owner of The Zampieri Group, brokered by eXp Realty LLC. My constant goal is to create exceptional real estate experiences focused on service and value. I beca....

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