In a year of growing interest rates and prices, a lack of residential homes for sale is expected to be the real estate market’s biggest difficulty. According to an inaugural interval survey from Compass, a shortfall of the housing stock is set to be one of the biggest difficulties facing the US real estate market in 2022. The brokerage polled more than 460 of its real estate agents across the country and more than half (56.4%) said that the lack of supply will drive next year’s real estate property market.
Paulo Prietto, a Compass agent in Orange Country, California, said in the report that the housing market will affect the low inventory in 2022. While inventory remains low, buyers will become more addicted to the lack of choices and will continue to aggressively compete to purchase residential homes. Undoubtedly, the dearth of supply will safeguard that the real estate market remains skewed in the favor of sellers, a sentiment shared by 76% of the Compass agents polled.
Home prices, too are expected to feel the impact of the competitive market. With 65.4% forecasting an increase in the sale price and 76.6% a jump in rental prices. This sector of the real estate market may receive more demand next year as the sale prices become more unaffordable, the report said. With the persistence of limited real estate inventory, with strong consumers driving up prices. First-time homebuyers will continue to conflict with purchasing, causing more demand for rentals said “James Smith”, a compass agent in Southern Florida.
Roughly 64% of Compass real estate agents surveyed within Florida are predicting an increase in sales prices. Underlining the banner 2022 that is in the cards for the Sunshine State. According to the latest report from Redfin, a total of 8 out of the 10 hottest neighborhoods of 2022 are approximated to be in Florida. The Sarasota metropolitan area alone is home to seven of those eight, with South Sarasota, East Venice, and Englewood, topping the list of hottest neighborhoods areas of the US. Demand is being impelled by a search for sunshine, low taxes, and more economical housing, as well as a growing proportion of young home buyers who have been priced out of other areas and from remote workers coming in from other states, mortgage brokerages said.
