Another Banner Year Predicted in a Hot Yakima Industry
The Yakima Real Estate Market in 2021 was on fire and there's no indication that anything will douse the fires of the market in 2022 says Cory Bemis owner of Yakima's John L. Scott Real Estate.
Bemis has published his 2022 Housing Forecast
In a new 2022 Housing Forecast Bemis says last year "the local market was virtually sold out of unsold inventory and we saw a frenzy / extreme frenzy level of Sales Activity Intensity for each new listing in most price ranges and areas."
Bemis says while he expects interest rates to rise this year they'll still be historically low giving more people an opportunity to become homeowners. "Past 30-year fixed loan interest rates have been six, seven, eight percent or higher. Even rates above 3% are incredibly competitive compared to the last five years and even the last five decades!"
Have you checked the value of your home lately?
For existing homeowners Bemis says you may be surprised at the value of your home in today's market. Many homes have increased in value throughout Yakima.
Bemis has three top predictions for 2022;
1. Intensity adjustment: The year will begin with frenzy / extreme frenzy Sales Activity Intensity . Economists are forecasting interest rates will rise in the year ahead. If this takes place, we expect the market will go through an intensity adjustment as we head toward summer, coming down 1-2 levels of hotness.
2. Price appreciation: The local market has seen tremendous price appreciation in the last two years. We anticipate that price appreciation will moderate slightly this year. After the big price boost in the spring, premium pricing may lower this summer. However, the
year 2022 will end with positive price appreciation overall.
3. Upper-end market: Market activity in the upper-end price ranges has taken off over the last two years and will continue to be a strong segment of the local market due to buyers moving in from other markets, the wealth effect and historically low interest rates.