Real Estate Market Trends for Spring 2022

By
Real Estate Agent with Coldwell Banker Residential Brokerage SA552583000

If you bought a home, sold a home, or simply like to look at what's out there in general, you probably looked at/heard of the real estate website Zillow at some point. (I highly suggest following Zillow Gone Wild on Instagram, Facebook, or Twitter for some outrageous properties for sale all over the country.) They recently released their April 2022 Home Value and Sales Forecast. In it, Zillow talks about some interesting trends they found throughout the United States. Find out what they were and how they relate to our local real estate market here in Lake Havasu.

Zillow recently released their Home Values and Sales Forecast report talking about real estate market trends across the country. Here are some highlights that buyers, sellers, and renters might want to know about. Liz Miller Lake Havasu Az

Real Estate Market Trends for Spring 2022

Inventory Levels Went Up

Click here to search Lake Havasu homes for saleZillow found that inventory levels across the United States saw an increase. As you know, Lake Havasu reported its highest inventory levels this year in April. However, at 1.56 months of availability, it still strongly favors the seller. Also, rising interest rates and home prices mean that buyers need to look over their budget and contact a lender right away to lock down a rate. Let's face it. If you need to finance a home purchase today, your interest rate will be above 5%. The days of 3% and 4% are gone...for now. Even so, this is still less than the 6+% home buyers paid in 2008. And back in back in 1990, buyers paid over 10% on their home loans. You may find that your dollar does not quite stretch as far as it did last year. But you may still be able to fit a new mortgage into your household budget. Obtaining a pre-approval from your lender helps you focus on what you can afford and qualify for as opposed to looking at properties that may be out of your reach. That saves you both time and heartache.

Home Value Increases Slowed Down

Yes, the values of homes in the US continued to rise...just like those in the Lake Havasu real estate market. However, the increases slowed down a bit. While Havasu's April 2022 home prices rose by 28.83% from April 2021, they only rose 0.2% from March 2022. For sellers waiting for home prices to "peak" before selling, Zillow expects year-over-year appreciation to slow down significantly within the next few months. For Havasu sellers, right now is peak time for buyers to look for properties. Therefore, right now is the perfect time to put your home on the market.

Rents Have Gone Way Up

All over the country, rents rose dramatically. In fact, they went up at an even higher rate than home sale prices in many places. When you factor in the tax breaks you receive as a homeowner, renting makes even less sense. Purchasing a property for sale on the Havasu real estate market, on the other hand, makes more sense. And the sooner you start the process, the better for your pocketbook.

I highly recommend that you contact a lender today. Get started on the pre-approval process right now. That helps you determine a budget which, in turn, assists you in narrowing down your home search. On the flip side, if you want to cash in the equity on your property by selling it, I can help you there, too. Contact me when you are ready to hit the local real estate market. I'm always happy to help guide you along your real estate journey.

FEATURED LAKE HAVASU PROPERTY FOR SALE

Liz Miller Lake Havasu Az 2700 Saratoga Ave Lake Havasu City Az

Visit any of my Lake Havasu real estate sites below for more information on the Havasu market:

Homes for Sale in Havasu
Havasu Area Homes
Just Call Liz

Originally posted on my Lake Havasu area real estate blog here: https://havasuareahomes.com/real-estate-market-trends-for-spring-2022/.

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Comments (4)

John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Hello Liz Miller very valuable report about real estate market trends for Spring 2022.

May 11, 2022 02:25 PM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

When dealing with the big Z it should be noted they are only right 30% of the time. We are seeing a slow down with inventory but most of that is because sellers have nowhere to go

May 11, 2022 03:23 PM
Raymond Henson, eXp Realty
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Thank you for the great recap of the real estate market in your area.  We drive by Lake Havasu all of the time on our way to Goodyear, but we have not taken the time to stop and see the community.  One of these days, for sure!

May 11, 2022 04:37 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Home buyers and sellers are sure to value your real estate market report, Liz.

May 12, 2022 07:39 PM