With a crazy 2021 in the books, we turn our attention to what might be ahead this year. Last year’s market seemed propelled by a rush to use locked in low interest rates, buyers housing needs changed by working remotely and record low inventory.
Looking ahead to 2022, we don’t believe home prices are a straight ride to the moon or that supply/demand will never balance and I’m pretty sure the laws or economics and history is on our side. While we always believe that long-term real estate is a fantastic investment, however it has been much more profitable when timed correctly. Our view is the market will balance quicker than most expect, perhaps even by mid-spring. The January Fraser Valley real estate board stats might be an early glimpse of this trend. If you’re planning to sell this year, we suggest not delaying strike while the iron is hot. If you’ve been looking to buy, just hang in there - we could see a lot more inventory shortly. A more balanced market is also easier to do a buy/sell transition so we would be very happy to see that. The market has also behaved very differently depending on geographic area and product type, so don’t hesitate to reach out and discuss your individual circumstances.