Last Updated on November 26, 2021 by Eric
2021 has favored home sellers in Seneca. Homes for sale in Seneca SC have flown off the market and sold 17% faster than they did in 2020. Values have also increased by about 20% since 2020, and the average home value is now just under $225,000.
What can you expect if you put off buying or selling a home this year but are planning to do so in 2022? Let’s take a look at real estate market predictions for Seneca.
Home Values Will Continue To Rise
Experts predict that home values will continue to increase in 2022, but not at the rapid pace they did this year. The market is slowly starting to calm down, and we shouldn’t see the free for all that was the 2021 Seneca real estate market.
This isn’t good news for those of you who want to buy a home next year, and I’m afraid I have more bad news. Let’s talk interest rates.
Interest Rates Will Play A Big Role In The Market
Interest rates have been at historic lows for the last two years, but it looks like those days may soon be behind us. Experts predict that interest rates may rise an entire point during 2022, making buying a home more expensive. This increase may even knock some home buyers out of their desired price range since the increased payment amount will require lower debt-to-income ratios and higher down payment amounts. This means that potential homebuyers in Seneca should buy a home as soon as possible or risk paying more in the near future.
Inventory May Increase
Finally, some good news for homebuyers! Experts are hopeful that real estate inventory will increase in 2022. This will cause the rapid home value increases to slow down a bit and hopefully eliminate some of the intense bidding wars we saw this year.
If you aren’t aware, buyers had to pay well over the appraised value of a home and waive all contingencies that are put in place to protect them when buying a house. This leads to stress and frustration amongst buyers, but this should be sorted out with increased inventory.
Sellers Will Still Have The Edge
Home sellers may never see another year like 2021, but experts predict that 2022 will remain a seller’s market. That means if you’re thinking about selling, you should do so soon before the market shifts again. The real estate market in Seneca and the rest of the country is cyclical, and this means that the huge amounts of equity you have in your home now may not be there five years from now.
Ready To Get Moving?
If you’d like to make 2022 the year you finally get into a new home, or maybe you’re ready to sell the one you’re in, the agents at Bob Hill Realty are here to help. We are experts in the Seneca real estate market and will happily guide you through the process and negotiate on your behalf. Contact us to get the process started.
