A recent, local news headline stated Winter Park snow pack is 125% above average. Thanks to an incredibly snowy holiday/post holiday season, we are fortunate to have extra large snowbanks and a great base for all the winter sports! That 125% greater than average" also rings true with our current real estate market. Maybe 125% is not the exact figure but you get the overall gist that our market is still low in inventory and high in demand for the start of 2022. While some folks are worried that the stock markets large losses of the past several days have much to do with rising interest rates, the micro markets may not share the same fiscal dread for the remainder of 2022.
The National Association of Realtors Chief Economist, Lawrence Yun, predicts that existing home sales nationwide will slow slightly in 2022 due to limited inventory- thus a repeat of the last six months of 2021. Although "slow" is relative because in 2021 there were 6.12 million existing homes (excluding new builds) sold which exceeds the highest number ever sold in 2006. Yun forecasts that interest rates will likely reach 3.7% in 2022 which is still a historically low rate. In 2002, the average mortgage rate was 6.5%.
Consumers may fear the second home/investment property fees or rate increases imposed by Fannie Mae and Freddie Mac starting April 1. Double dipping or market stabilization tactic?? We will follow this and keep you apprised of how this affects our supply/demand balance in Grand County.
Stay tuned for new development updates in 2022 - we will always keep you updated on new construction, infrastructure updates, interest rate fluctuations and all other things real estate in Grand County.