As most everyone is aware at this point, the housing market these past few years has been in an unprecedented state of growth.  Homeowner equity has increased by tens, if not hundreds, of thousands in just a few months and new listings rarely make it through weekends before going under contract.  So, what does that mean for 2022 and those looking to make a change?

According to several recent studies, the fear of a massive wave of foreclosures resulting from the mortgage forbearance plans of 2020, likely won’t be happening after all.  The recent report from the Mortgage Bankers Association (MBA) shows that over 82% of those in the program have either successfully repaid or have negotiated a work-out repayment plan.  There still is 16.8% of homeowners in the program who have yet to secure a loss mitigation plan, but the Consumer Financial Protection Bureau and many state Attorneys General are stepping in.  As of the end of December 2021, those still in the program have an opportunity to work out a suitable plan with the servicing company that represents their lender, and those servicing companies are being held to it by the aforementioned Federal and State agencies.

While we saw a bit of a slowdown this past Fall/Winter, many economists and experts are expecting an uptick in inventory throughout 2022 and for prices to stay fairly level.  This would be a great boon to buyers as more housing inventory will help level, or even potentially lower, prices.  With many sellers afraid to “miss out” on the opportunity of selling at record levels and cashing in on the equity increase, that too may help stabilize the market and boost its total health.

All this data and research has been conducted on a national level.  Not all markets in all areas have reacted or have been affected the same, which is why it’s so critical to chat with a local agent you can trust to get the best information for you.  Even here in Western Washington, the market differs from Auburn, to Puyallup, to Olympia, to Tacoma.  There are highs and lows, varying prices between neighborhoods just blocks away from each other, and strategies to help both buyers and sellers get the most from their transactions.  If there is any thought that 2022 is your year to make a move (no pun intended) then now is the time to start planning; even if that plan means waiting for months until you buy/sell there are steps to take now which will put you in the best position for success.  I’d be more than happy to sit down and work out what that plan looks like for you and ensure you’re set up to hit your real estate goals for this year, and beyond.