2022 and lessons from last year
2021 is old news, but its lessons are not. We asked Founder Noelle K. McIntyre to reflect on the last year of real estate and to imagine what it could mean for the year ahead. Find out what she envisions 2022 has in store.
What was the biggest surprise of 2021 in real estate?
Last year we saw an increase in two areas: Offers coming in over asking price and requests to waive appraisals, you name it, we witnessed it. That said, 2021 will go down in history The Year of Multiple Offers.
South Florida is a very sought-after market, so it’s common to see multiple offers. Homes that are priced right and look great increase the likelihood of multiple offers, too. Last year was unlike any other year, though. Our office’s record for the most offers received within 24 hours on one property was 29. Can you imagine!
What are you hoping will be the biggest surprise for 2022?
I’m dreaming and reaching big here, but I would love to see more affordable housing options for everyone.
Supply remains extremely low, and demand is through the roof, especially in South Florida. Rent prices have skyrocketed. For example, the first apartment I ever rented was a modest $550 per month, two-bedroom, one-bathroom duplex in East Delray. It now asks for $2,500 a month.
What do you anticipate we can realistically expect in 2022?
With supply so low and demand at an all-time high, combined with the labor shortage and soaring building costs, we most likely will continue to see higher prices and sales throughout 2022. A potential mild shift or correction may occur in the third or fourth quarter.
How can sellers and buyers be prepared for that?
Selling in the hottest (ever) seller’s market comes with pros and cons.
Sell high, pro.
The million-dollar question, however, is “where do I go?” For some, that’s a huge con.
If you’re thinking about making a move, keep these tips in mind:
Hire a professional Licensed Real Estate Agent. (We know some of the best 😉!)
Ask for references! Qualified real estate agents are more than happy to introduce you to people they’ve helped find homes or sell houses and property.
Come up with a marketing plan. You and your realtor should coordinate marketing your home and timing your selling and buying processes, especially if you’re doing them simultaneously.
Be open and honest. Communication is the cornerstone of every successful transaction and big life transition.
Get pre-qualified. Most sellers prefer to begin looking at homes before coordinating the sale of their current property. This helps them get excited about the move, and we get it! In this market, however, shopping for a new home when your current property is not on the market or—better yet—under contract can greatly hurt your chances of getting your dream home. Ultimately, a seller in this market will not accept an offer contingent upon you (the buyer) selling your home. Put yourself in their shoes. They want to sell their house—not wait for someone else’s house to sell, first! So, get pre-qualified to buy a home that you can afford. If and when you sell your house, use those funds to replenish savings or pay off the principal on your new home. Or, like many of our sellers, hire us to help you accomplish both simultaneously!
New inventory pops up daily. It’s still low—but it’s consistently rotating. If you’re interested in selling, I strongly encourage you to do it now. Know that another great home is out there or coming soon!
