What are the Real Estate Pros Saying About The Market?
For more than 25 years, Brian Buffini, founder and chairman of Buffini & Company, has analyzed and predicted the state of the market. In this year’s 2022 Mid-Year Bold Predictions Brian reveals his predictions and offers cutting-edge statistics on where the market is, where it’s going and what you need to do to recession-proof your business and life.
During the broadcast, you will hear:
- A market update, including insights on housing inventory, inflation and mortgage rates from Dr. Lawrence Yun, one of the world’s leading economists.
- Tactics real estate professionals can implement to weather the storm.
- Ideas that will prepare you to defeat the recession, avoid burnout and fuel your growth to stay ahead of inflation.
If you have some time we recommend tuning in to hear What the Real Estate Pros Saying About The Market. If you do not have time, we will of course be breaking down all of this information and sharing it with you via social media!
What Brian Buffini Said about 2022 in His Last Bold Predictions Broadcast
“In my 15th Bold Predictions broadcast, featuring an exclusive interview with Dr. Lawrence Yun, Chief Economist at the National Association of REALTORS®, I predicted what’s in store for real estate in 2022. Over the years, I’ve given 33 market predictions, and 31 of them have come to pass! Here are some of this year’s major takeaways:
Demand is still huge
There is still enormous demand for people to become homeowners. According to NAR, first-time buyers made up 34% of all homebuyers in 2021, an increase from last year’s 31%. Interestingly, 11% of purchases were multi-generational homes, with people pooling their resources and buying bigger houses so that multiple generations of one family could live in the same property.
The market is still hot
Houses are still selling in record time, with very fast closings. Buyers are typically purchasing their homes for the full asking price, with 29% paying even more. For multiple consecutive years, there’s been falling inventory, but it looks like we’re finally turning that corner. The great news is that Dr. Yun says we’re beginning to see something of a mini surge, which means that this autumn and winter could be the second best in 15 years.
Higher mortgage rates and rising inflation
Dr. Yun says the Federal Reserve has clearly signaled that the days of loose monetary policy are coming to an end, which means higher mortgage rates. Furthermore, at some point next year, short-term interest rates will rise, which will filter up into mortgage rates too, possibly reducing sales activity by about 2%. At the top end of the market, people will buy property as a hedge against inflation, purchasing second and even third homes. Others will find that rising inflation will impact their pocketbooks and their ability to qualify.”