While housing market conditions remain favorable, there are emerging signs of a cooldown in 2022 as entry-level home buyers struggle to afford today’s elevated pricing and suburban migration from New York City has largely ended. Looking ahead, the direction for the housing market in 2022 will be heavily dependent on what happens with the economy in terms of wage growth, inflation and interest rates as the Federal Reserve unwinds its stimulus of the past 2 years.
Jeffrey Otteau has developed this briefing to prepare you for what to expect when the economy, and housing market, are left to stand on their own in the face of slower growth and rising interest rates. Get your laptop and join him for a guided tour of what to expect in 2022 so you can plan your business and counsel your clients. Here is a sampling of what you will learn:
- Housing Report: While last year started off strong, the pace of home sales began to slow in June due to the combined effects of slowing migration from New York City and rapidly rising home prices. But this was not the case everywhere as some submarkets and buyer types strengthened while others slowed. This roundup will examine how the market is performing all the way down to the local level and provide you with the latest trends for your local area.
- Home Prices: ‘How much is my home worth’ is the most asked question in real estate, which is why understanding where prices are today, and where they will be in the future, is something you absolutely need to know. Home prices in New Jersey rose in 2021 at the fastest pace in more than a decade, which is really saying something during a continuing Pandemic. Get the latest home price trends down to the submarket-level with our exclusive ‘town-by-town’ Report Cards so you can sharpen your pencil and prepare a more accurate CMA for the Spring market surge.
- Demand Profiles: The exodus of households leaving New York City, which was a big reason for the surge in suburban home over the past 2 years, has now slowed significantly. At the same time however, there are an increasing number of local homeowners who are trading up to a more expensive home. Find out what this means for future housing demand and how it will impact the 2022 housing market.
- Housing Forecast: Where is the market heading this year? How high will mortgage rates rise this year? Will home prices keep rising? We’ll provide you with a look into the future with our housing forecast for 2022 and beyond.