If you’re looking to buy or sell Northwestern Wisconsin real estate in 2022, here’s a few situations to be ready for!
1. Higher mortgage interest rates. The Federal Reserve may start raising interest rates within a few months. Depending on the economy, the Fed may raise rates 3 times during 2022. Financial markets are already reacting to this news, and rates have been sneaking higher. You can check mortgage rate averages at FreddieMac.com.
2. Higher home prices. The costs of new construction spiked in 2021, and will probably remain elevated for some time. The high cost of materials also affects existing homes, which typically have repairs made before being placed on the market. Scarce home inventory will keep prices higher as well.
3. Motivated buyers. Unless more sellers enter the market, buyers will be competing for a limited number of properties. The thought of rising mortgage rates could have buyers anxious to grab a deal.
If you’re looking to buy or sell Northwestern Wisconsin property in 2022, let us help you get started! Sellers, we will give you a thorough a market valuation of your home or land without any obligation. Buyers, we will refer you to excellent local lenders, and help you find properties that meet your needs.
Six Lakes Realty is a locally-owned family business with over 40 years of experience. Call us today for friendly, hometown service!
Six Lakes Realty
Office: (715) 924-4806