Last year we saw huge increases in home price appreciation. In Snohomish County, prices went up 22% overall in Snohomish County. Some areas saw even larger increases, especially on the eastside.
To help you know what is coming this year, watch Matthew Gardner’s video here.
For the condensed version of Matthew’s Top 10, here you go:
1. Prices will continue to rise
2. Spring will be busier than expected
3. The rise of the Suburbs (think: work from home)
4. New construction jumps
5. Zoning issues will be addressed
6. Climate change will impact where buyers live
7. Urban markets will bounce back
8. A resurgence of foreign investors
9. First-time buyers will be an even bigger factor in 2022
10. Forbearance will come to an end
One of the things Matthew did not address is the rise in interest rates. As of today, interest rates are officially over 4%. When thinking about rates, remember this rule of thumb: For every 1% increase in interest rates, purchasing power decreases by 10%. If you want to talk to a good lender, let me know and I will refer you to several.