2022 is an exciting year ahead! Here's my top 5 predictions for the real estate market coming this spring and other big developments as the year is set with a number of big surprises from interest rates, housing demand, trends, new construction v resale homes, and the biggest announcement of 2022, 2022 is said to be the "year of technology!!"
- Interest rates – Economists have lowered growth forecast: Omicron expected to dent economy in early 2022
- Housing demand – home sales are expected to increase another 6.6% in 2022. There’s 45 million millennials aged 26-35 entering the prime first-time home buyer age. Demand from the young households will keep the market competitive and fast-paced.
- Trends: suburbia is back, size of homes, home offices/studies, pet amenities, natural elements and wood, paint colors,
- New construction v resales. New construction added 5% more single-family homes under construction as the demand for single-family homes increase. For resales, reluctant homeowners from the pandemic will add more inventory to the resale market.
- Year of Technology – 2022 has some exciting (or scary) technology projects coming to market.
- Many new EV’s including becoming more affordable (EVs have declined 30% from 2015 to 2020). Four more EV models around $40K will enter the market this year. Ford Lightning surpassed all expectations including 75% of the preorders being buyers who never purchased a Ford before.
- Smart tech moves to home robots – Amazon’s Astro was introduced last month answering questions, playing music, monitoring your home and bringing objects to you.
- Virtual reality progress—adoption? Facebook’s Meta pushing avatar-you to be like the more real-you with updates. Will it change how we interact? Office spaces? Social gathering spaces?
- 5G rollout to increase technology speeds.
2022 will be an exciting year and these items will be the foundation of a lot of that excitement.