Link to my last video: https://www.jackmarealtor.com/blog/its-getting-toastyagain/
Hi, this is Jack with Jack Ma Real Estate Group. Welcome to our first video of 2022.
Hope all of you had a amazing holiday spending time with family and getting some well deserved rest.
In my last video, I speculated on what we may see in 2022. If you haven’t watched that, I have put the link up. One of the things I talked about was inventory will remain low….. Boy was that an understatement.
As of the 1st of January, housing inventory setting another record low. In Los Angeles County, the number of homes available to purchase was down 40% compared to the same time last year. In Orange County, there was 55% less home available. Isn’t that crazy?! We thought inventory in January 2021 was low…
Now…price went up 15% in 6 months after January 2021. Are we going to see that again? Probably not…. why you ask? Affordability. Price went up about 20% year over year. People would be paying a lot of than before.
So we will see severe competition among buyers especially desirable homes. Homes with less flaws and are in the better competition will see very strong growth.
Will the situation change anytime soon?
Probably not until the summer…why? The same two words we have been hearing for the last 2 years…Omicron and Interest rate.
Omicron without a doubt had put fear in people minds again thus a lot of homeowners are waiting for a safer time to sell…..suppressing the number of homes for sell on the market.
Increasing in interest rate will suppress the buyer demand becasue homes will be even less affordable but we know they are most likely going to increase interest rate slowly.
Based on those…looks the market will be hot thru the middle of the year!
What’s your take on the market? Do you agree with what I think? Let me know in the comments below or shoot me an email. Love to hear from you!
Check out my website when you get the chance…its got a lot of good tools and information on there.
I will see you soon!
