The housing sector looks to remain strong in Mesa County in 2022.
The lack of housing inventory and new developments will continue to apply pressure to the supply and demand issues experienced over the last 18 months. As a result, the market will continue to favor sellers and prices will continue to climb, albeit at a slower rate.
Mortgage interest rates have already begun to creep upward. If this trend continues, the market could shift and prices adjust.
I don’t expect any type of crash, however. Living in Colorado remains popular. People have moved to the state from all over the country, a migration fueled by their ability to work remotely. I expect Western Colorado to remain a popular destination for at least the next three to five years.
For those considering buying homes, don’t let market conditions scare you. Mortgage rates remain near historic lows, and owning property in Mesa County continues to offer a great way to build long-term wealth. Meet with your trusted real estate advisor and develop a plan to achieve your goals and a strategy to obtain the most value in the market.
Here are the top five things buyers and sellers need to know:
Inflation will lead to rising interest rates this year. Try to capitalize your equity by selling before higher interest rates affect prices.
Buyers must realize their purchasing power is stronger today than it will be six months from now.
Housing inventory has dropped to all-time lows. Work with a real estate professional who knows how to effectively navigate an inventory shortage.
Mortgage interest rates for second homes and investment properties have climbed to give local buyers more of an advantage in the marketplace.
Barring a nationwide economic collapse, the housing market will remain strong this year even with higher interest rates. Prices could fluctuate, but the overall market will remain strong.
Tyler Harris is a Realtor at Bray & Co. Real Estate in Grand Junction. He also serves as president of the Grand Junction Area Realtor Association and chairman of the GJARA Young Professionals Network. For more information about Bray Real Estate, call 242-3647 or visit www.brayandco.com.