Seeking to purchase a house in Fairfield County subsequent yr? Actual property professionals count on costs to stay excessive

LANCASTER — For these seeking to promote their residence, 2022 will in all probability be an excellent time to take action. For these seeking to purchase, not a lot.

That was the pattern in 2021 and people in actual property count on that to proceed as actual property professionals count on housing costs to stay excessive.

“That is actually what I am seeing,” Higher Properties and Gardens agent Allan Anderson mentioned. “The sensation, the sense and the numbers which can be on the market, it nonetheless seems very promising.”

The flip aspect is these shopping for a property can pay extra for it, little doubt.

Allan mentioned 820 residential properties on the A number of Itemizing Service had modified arms with the properties available on the market for a mean of 19 days within the Lancaster zip code space the previous yr. The common listing value was $215,000 with properties promoting for a mean of $219,000.

Anderson mentioned the 820 properties don’t embody these not on the MLS.

In 2019 there have been 844 properties available on the market in the identical time interval that spend about 35 days available on the market. The common listing value was round $171,000 with the sale value round $169,000 then.

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“These numbers are simply insane,” Anderson mentioned.

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Moreover, he mentioned there have been solely 32 residential properties in mid-December available on the market within the $45,000 to $649,000 vary, that means stock is tight.

Anderson mentioned these numbers do not seem like altering going into 2022.

“I do know for patrons they’re nonetheless going to be chasing laborious and quick,” he mentioned. “With the provision and demand and Fundamental 101 economics, I feel we’re nonetheless in that doggone cycle.”

Anderson mentioned the rising prices of constructing and shopping for land will assist maintain actual property costs wholesome.

Jeremy Mills agrees with Anderson on 2022 being an excellent yr for sellers. Mills owns the Rising Lodging and Rise Land Co. divisions of Rise Realty.

“For the true property promote it takes some time for issues to transition,” he mentioned. “I do not see a shift available in the market but for at least no less than one other yr. This previous summer season we simply got here out of COVID. We go into the winter months and we go into slower occasions. We come out of winter months and will begin selecting up a bit of bit extra.”

Mills mentioned he doesn’t count on the stock scarcity to ease a lot in 2020. Subsequently, he mentioned patrons could lose no matter earnings they made when promoting their residence when shopping for a brand new one.

Whereas sellers are glad, patrons will not be at all times glad as a result of they’re little doubt paying greater than regular for a property.

“They’re on pins and needles as a result of they know they’re taking part in with money cash,” Mills mentioned. “They’re annoyed. They’re simply form of exhausted. There’s simply not loads of stock to take a look at. They usually’re form of thoughts blown once they go to place a strong provide in and nonetheless get beat out. So it is the exact opposite. Loads of pleasure on one aspect and loads of frustration on the opposite aspect.”

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740-304-9296

Twitter: @JeffDBarron

This text initially appeared on Lancaster Eagle-Gazette: Fairfield County actual property: Excessive costs, low stock in 2022