Most industry professionals entered 2021 with apprehension and uncertainty regarding the economy and real estate market. COVID-19 impacted the world in unforeseen ways and will still affect us well into the future. Already facing a deficit in the housing supply, the pandemic compounded those results due to supply chain issues and logistical challenges in 2021. Keep reading to find out more about what experts are saying about Florida real estate projections for 2022.
A Recap of 2021
Interestingly, the Florida market performed well due to the mass influx of people relocating from urban regions such as New York, Washington D.C., Boston, Los Angeles, and Chicago. Because there is increased demand with decreased inventory, the prices of homes continue to rise. As of November, home prices in Florida increased almost 20% year over year! Even with the rapid price increases, the time to contract of averaging less than 15 days indicates no slowing down due to the current market prices.
Florida Real Estate Projections for 2022
As life returns to “normal”, where does this leave Florida in 2022? Population growth continues to average 300,000 people a year and is projected through 2025 in Florida. The growth coupled with the inventory shortage indicates that the real estate markets will remain strong in 2022. Although figures suggest a successful year, there are some factors that economists are monitoring.
Interest rates are predicted to climb, and the costs of properties themselves are beyond the threshold of many local buyers and investors. The concern is that the cost increase in purchasing real estate will slow the market. Other economists highlight that international buyers have been sidelined due to travel restrictions, and cash buyers are up over 41% year over year. New construction is not expected to outperform 2021 due to a continuation of supply chain issues. With the continued shortage of inventory, mass migration, and an abundance of cash buyers, it is safe to say that 2022 will most likely remain a seller’s market.
Metes & Bounds Title Company is here to help
If you’re ready to list your home or are a listing agent, Metes & Bounds Title Company is here to help! Here are some ways our team can help you earn a maximum return.
- Easy order processing for realtors or consumers to send the request. Order title online or by emailing email@example.com
- Complimentary Net Sheet Calculator to ensure there are no unforeseen fees at closing
- A consistent point of contact throughout the entire transaction.
- All agents are licensed in the State of Florida.
- Closing documents are processed and communication to the realtors, lenders, buyers, and sellers always remains transparent and timely leading up to the completion of this phase.
The efficiency and accuracy delivered by Metes and Bounds Title Company avoid costly delays in closing. Oftentimes delays in closing can cause additional fees, moving expenses, and lead to contract renegotiation. Our team delivers timely and seamless closings for all parties involved, and our track record proves it! Voted Best in South Lake for two years in a row with over 16 years of no claims; who better to handle your closing than Metes & Bounds Title Company in the Florida real estate market for 2022!
If you are ready to list a home in 2022, please contact one of our experts today!