As a former business news publisher, sharing what's happening in real estate each month with you in this new feature on Macaroni KID McDonough is a fun way to be of service in my current position as a REALTOR in the McDonough area. You'll get an in-depth look at the housing industry thanks to my access to knowledgeable experts and excellent resources. I'll also be sharing some fun ideas for home decorating that pays off when you're ready to move. This month the leading industry professionals are weighing in on what 2022 will bring.
The McDonough area is in line with the rest of the country with housing being one of the strongest sectors of the economy for 2021. Rising interest rates and inflation are causing many to wonder if sales will continue as strong in 2022.
Lawrence Yun, chief economist for the National Association of REALTORS, believes housing sales volume will decline in 2022 but will still outpace pre-pandemic levels, based on continuing demand from homebuyers. Goldman Sachs economists predict that home prices will climb another 16%, reports Houwzer.com. Yet, Corelogic has lowered its forecast from 2.2% to 1.9%, according to Fortune.com.
Fannie Mae is predicting that mortgage rates will rise this year, while the Mortgage Bankers Association believes rates will rise to 4%. If a buyer puts 20% down on a $500,000 home, they will have a monthly payment of $1,682 at 2.98%. At 4%, the monthly payment would be $1,910.
Fortune.com points out that the Federal Reserve predicted 1.8% inflation for 2021, but inflation reached 6.2% in October – the highest rate since 1990. So, should you buy a home or wait it out? Economists can’t agree on their outlooks, but housing is a terrific hedge against inflation. Ask yourself what you can afford and go from there.
Check out these Hot Local Listings!
- https://www.debbiedonaldsongroup.com/homes/1004-Elaine-Court/Mcdonough/GA/30252/125012803/
- https://www.debbiedonaldsongroup.com/homes/33-Oak-Grove-Circle/Mcdonough/GA/30253/125439037/
- https://www.debbiedonaldsongroup.com/homes/327-Amble-Side/Mcdonough/GA/30252/125108415/
- https://www.debbiedonaldsongroup.com/homes/1312-Conyers-Rd-Hwy-20-Road/Mcdonough/GA/30252/124936820/
If you or someone you know is considering making a move now or in the future, I’d be happy to share some ideas for gaining the greatest value for your McDonough area real estate. Contact me at Debbie.Donaldson@bhhsgeorgia.com
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