Feb 2022 National Market Update

Feb 2022 National Market Update
Dana Weyl:
On a national average, the median home sales price was $346,000 in 2021 up 16.9% from 2020 and the highest on record going back to 1999 according to the National Association of Realtors. Home sales had the strongest year since 2006 with 6.12 million homes sold of 8.5% from the year before. In Oklahoma, we have seen actually here a 7% increase in home values overall, which is epic compared to the standard appreciation of two to 3% that we see in a normal market in Oklahoma.

What would you do with that much extra money? Hi, this is Dana Weyl with OK Homes and Lifestyle Group in Coldwell Banker Select, and having that much equity in your home can give you a lot of options, but it affects the market as well. All of this equity going around has helped people climb out of forbearance and forbearance numbers have actually finally dropped below one million according to the Black Night. With the status of banks fluctuating, Freddie Mac, Fannie Mae, MBA and NAR all project interest rates to rise steadily throughout 2022 as high as 4%.

Maiclaire Bolton-Smith, senior leader research and content strategist of Core Logic says this. “We may see a little bit of an uptick in the closure rate in 2022. Just an uptick though, from an extraordinarily low level. We’re not expecting to see big increases.” But the consensus is that 2022 holds a housing market that remains strong. She goes on to say, “We expect delinquency rates overall on home mortgages to actually continue to remain quiet, quite low.”

Thanks to the Frank-Dodd Act that was passed in 2014, borrowers since that time are considerably more financially sound because of the stricter lending guidelines that were put in place when they purchased their homes. The changes did the trick and drastically reduced foreclosure rates to minuscule numbers.

So how does this relate to buyers and sellers? Well, it’s important to make sure that you understand what the market looks like, so that you know what to expect when you’re ready or deciding if now is the right time for you to actually buy or sell. We work hard to stay current in all things real estate related, especially the financial markets. Again, I’m Dana Weyl with OK Homes and Lifestyle Group with Coldwell Banker Select. Our team is ready to answer your real estate related questions and solve your real estate dilemmas because our focus is always real estate, relationships and results.

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