Will There Be A Real Estate Market in 2022?
Will there be a real estate market in 2022?
The answer depends on whether you are a Buyer or a Seller.
Here’s the skinny: there is no inventory. That’s not hyperbole. That’s a fact:
These numbers include the career listings: the overpriced, the falling down the houses that only a mother could love. The nice properties - the phat pads, and the fully updated and low-maintenance gems – get sold in 0 days on market. The “market” never sees them.
If you’re a seller, 2022 is going to be a great market (unless rising interest rates crash the party but that’s another story).
Two weeks ago, my associate Carol Harrison learned of a house “coming soon” in Easton Club East. The Seller's agent stated that all showings would be on a Saturday morning starting at 10:00AM. When Carol and her customer arrived (early of course) there were 8 other real estate agents and their customers waiting in front of the house. There were so many people standing on the front lawn that a neighbor came out and asked if “…someone had just died?” That morning resulted in 8 offers. Fortunately, Carol and her customer enjoyed a great working relationship, and they submitted the winning bid.
Last Saturday my associate Katie Moore hosted an open house on the waterfront in Denton, Maryland. When Katie arrived one hour early there were already seven prospects waiting to see the house. All in all, 41 prospects came through the house in two hours. Multiple offers have been received as of this writing.
It seems that “extreme seller’s market” conditions run wide and deep.
If you are one of the Buyers out there, you are frustrated. Very frustrated. You are close to throwing in the towel – concluding that “there is no real estate market on the Eastern Shore. No one wants to sell.” You watch Zillow.com, Realtor. Com and Coldwell Banker.com like a hawk– several times a day. You may have contacted several listing agents (thinking this is the fastest way to a seller’s heart); you probably get automatic notifications when something hits the market. You immediately hit speed dial and pray the agent picks-up. When he or she finally calls back you discover you “just missed it”.
It doesn’t have to be this way. You could have an Exclusive Buyer's Agent: an agent who knows you and knows what you want.; a hungry agent; an agent who has you on speed dial; an agent who is networked in the local community and hears what’s coming on the market, before it even comes to market; an agent with a keen eye and great taste, resourceful enough to dig-up an opportunity for you and not wait for the “market” to come to them; an agent who has great contacts in the lender community; one who can get you pre-approved and ready to pounce on short notice; an agent who can craft a competitive offer and aggressively represent your interests. That’s how Buyers win in today’s extreme Seller’s market conditions.
That’s the Coldwell Banker Way.
There will be a real estate market on the Eastern Shore in 2022. The market may cool a bit due to rising interest rates and low-inventory. It's not going to crash. No one gets hurt. If the market is 41-deep for a house in Denton, it suggests that the status quo will persist for yet another year. There is no bubble. There is no correction coming soon.
A strong Exclusive Buyer's agent will make your dream of an Eastern Shore house come true sooner rather than later.