Market Minute
Mortgage charges are anticipated to increase somewhat however keep historically low, home gross sales will attain a 16-year excessive, and value and lease growth will drop considerably compared to 2021. Affordability shall be a concern for a lot of, as residence costs will proceed to rise, if at a slower tempo than in 2021. Housing prices now are being driven by the pent-up demand and the flexibleness of new remote work. Almost each sector of Tampa Bay’s economy has bounced again from the pandemic, Stinespring said, and the housing market has helped boost local retail sales and the labor market above the national average. The fee at which residence costs are appreciating should taper off however stay optimistic through the 2022 homebuying season, in accordance with Kushi. “It’s really the extreme scarcity of properties for sale relative to demand that will be the major driver of continued optimistic house value …