There are many predictions for what the real estate market holds for the remainder of 2022. Mortgage rates seem to continue to rise, though many expect them to remain about 4% (according to NAR Chief Economist, Lawrence Yun). With the raise in rates, we expect to see slightly less competition as the increase has pushed some would-be buyers out of the market. As rates continue to rise, buyers who are already stretched within their budget are now having to pull back on the purchase price of a home to offset the adjusted monthly payments.
In our Tahoe region, we are seeing more listings steadily hit the market. With valuations remaining high, and demand not matching availability, we expect the market to continue its pace into summer.