San Francisco Real Estate
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Clients, friends, and colleagues:
The holidays are all about family, friends, food and a cozy home in which to enjoy them. I wish you all of the above for the holiday season.
As usual, below you'll find the latest market update and stats. But first, national real estate experts weigh in with their 2022 housing predictions:
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Zillow: Home values should grow 13.6% between October 2021 and October 2022.
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HBI: Home prices will continue to rise in 2022 due to historically low interest rates (despite small increases), an inventory shortage, and continued work-from-home trends.
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Nerdwallet: Home prices will continue to rise, but not as fast as in 2021, and affordable homes will become harder to find.
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Mortgage Reports: Don't expect a mortgage crash in 2022, and interest rates will uptick but only slightly.
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AEI: A continued migration from high-priced to bargain metros will keep housing prices in those latter cities rising.
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MBA: The 30-year fixed rate will rise to 4%, resulting in a drop in refinance demand and decreasing business volume for mortgage bankers.
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Forbes: The hottest markets in 2022 will be: McKinney, TX; San Jose, CA; Buffalo, NY; Cary, NC; and Bellevue, WA.
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Redfin: 2022 will be a more balanced market, with higher mortgage rates ending record price growth and new listings will hit a 10-year high.
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There are currently only 380,000 homes for sale in the entire country, which is less than 1/3 of our normal inventory of 1.2 million homes. This massive inventory shortage both drives up prices and makes it increasingly difficult to find a home... all the more reason to have an experienced real estate agent in your corner!
Cheers,
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