Bidding wars. All-cash offers. Limited supply. Sound familiar? That’s because these are the words of a song being sung every day in California.
After two years of unprecedented growth will there be a cool-down and possibly a fall in sales and prices in 2022? Will we ever return to “normal”?
Recently, several housing experts reported in USA TODAY that home sales are likely to be slightly lower in 2022 while home prices will continue to rise due to the ongoing housing shortage.
Another real estate brokerage firm had this to say:
“I don’t think we will see a correction, maybe a slowdown.”
A CEO of a realty company stated:
“I don’t see any sort of crash in the near future. No way.”
The National Association of Realtors (NAR) forecast calls for median price gains of between 5% and 7% this year. This increase contrasts to the 2021 increase we saw of a 20% average rise.
If you want to take advantage of the housing boom, but don’t qualify for a conventional mortgage, give Sun Pacific Mortgage a call at 707-523-2099 to discuss a private money loan or visit our website at www.sunpacificmortgage.com. We are a family-owned and operated business serving only California for 34 years. We offer fast mortgages for owner-occupied and non-owner-occupied residences, as well as business purpose loans. Our mortgages are usually completed in 7-30 days making a Buyer’s offer look exceptionally good to a Seller.