2021 was a banner year for Mr Williamsburg in real estate having helped over 70 families buy or sell a home. Thanks to all my friends and clients for thinking of me.
2021 proved to be one of the hottest and dramatic years for the local real estate market. After the 2020 surge, many questioned what was going to happen to the housing market as we navigated our way through the second year of a global pandemic.
Home sales are on track to reach a 15-year high, with an estimated 6 million homes sold nationwide in 2021. According to the Federal Housing Agency, home prices rose steeply at nearly 20% from the third quarter of the year prior. This turned out to be the largest home price increase in the agency’s index since it began keeping record.
It became commonplace to put a home on the market and have it sold within mere days with multiple offers and for well over listing price. The story for buyers was a different tale. The inventory continued to shrink and buyer demand—often buyer desperation—created an ultra-competitive market that left many buyers feeling dejected and hopeless in the home search. The supply chain and labor shortages did no favors for the housing market crunch, as builders found themselves waiting weeks, even months, for materials which then caused major delays in new construction inventory hitting the market.
What does 2022 hold for the real estate market? By all accounts, experts agree that inventory is expected to grow; it will not grow at a pace strong enough to meet demand. Realtor.com is predicting a slight 0.3% increase in inventory for 2022, which will again fuel a competitive market.
Mortgage interest rates are expected to increase, as the Federal Reserve has signaled an inflation-curbing end to the pandemic monetary policies of 2021
Home prices are expected to rise again in 2022, but not in the double-digit percentages experienced in 2021 signaling a step toward a more normalized market.
While no one holds a crystal ball (and as history shows) there is no guarantee for the future. A fact clearly demonstrated in 2020, when not a single person saw a pandemic teeing off arguably one of the hottest real estate markets in history. For now, it is looking like we may finally be seeing steps toward a normalizing market and consumer surveys are showing that owning a home still remains a top priority in 2022.
Here’s to a productive 2022!
Psssst! I wanted to let you in on a little secret. While I am a real estate agent…I am a different kind of real estate agent. I am creating a revolution in realty by combining everything you love about this area all into one place. Known around town as Mr. Williamsburg, I combine my extensive knowledge of the Williamsburg, Richmond, and Hampton Roads areas with my expertise in helping buyers and sellers navigate the ever-changing local real estate market to create a top-notch experience that checks all of your boxes.
Are you a homeowner searching for someone innovative and committed to selling your home? Allow Mr. Williamsburg to tell your story. With my unique marketing approach, your home will be seen from your eyes, not described in a few sentences by someone who doesn’t know it well.
Curious in finding the value of your existing home? Ask me here.
Interested in learning more about neighborhoods in the Williamsburg area? Check out my resource on specific communities in the surrounding areas of Williamsburg and Hampton Roads here.
Looking somewhere other than Williamsburg? In addition to my affinity for Williamsburg, I have helped hundreds of folks find their dream home and community in areas outside of the ‘Burg, such as Yorktown, New Kent, Virginia Beach, Chesapeake, Suffolk, Isle of Wight, Poquoson, and Richmond. I’m committed to helping you find your perfect fit and the place you’re happy to call home. Fill out this form and I’ll get back to you so we can connect.
Want to learn more about what working with me is like? While I can tell you all day why I love what I do so much, hearing directly from previous clients is the best way to see this. To read real client reviews and learn more about what it’s like working with me on your team, visit my reviews page here.
Your real estate journey is just that…yours. I get that it’ll be unique. It needs a marketing plan and a committed real estate professional to guide you every step of the way. To talk further, you can reach me via phone or text at 757-254-8136 or through email at [email protected].
I look forward to serving your real estate needs and welcoming you to this place that I’m lucky enough to call home!
John Womeldorf, Mr. Williamsburg