(WFSB) – The real estate market is booming.

Nearly 9 out every 10 homes (86%) sold in September 2021 were on the market for less than a month.

Experts are taking a look at the 2022 outlook as we head into the new year.

“In Connecticut, we are seeing home prices increase there,” said Jessica Lautz, with the National Association of Realtors.

She predicts that the market will continue to be strong.

“A lot of people moving out of NY, they are looking for more space, they want to be close to friends and family and it really is a strong sellers’ market,” Lautz said.

Nationally, median existing-home sales price climbed 13.3% from a year ago.

“Sellers are really happy right now and they are having homes move very fast and they are getting the prices they want,” Lautz said.

She expects the momentum to continue in 2022, but says predicts it will level a bit.

“We are hoping to will go back to a more normalized pace in 2022. We are expecting interest rates to go up a little bit. That will push out some buyers who are on the fringe who can’t afford the rising prices and the rising interest rates at the same time,” she explained. “We think prices are going to continue to go up, just not at this pace that they currently are.”

If you’re searching right now, she says find a mortgage broker who can move quickly if you want to put in an offer in.

Even though prices may not be negotiable in this market, consult your realtor for other ways to make your offer competitive.

“Have patience through this process because it may be long,” she said.

Copyright 2021 WFSB (Meredith Corporation). All rights reserved.


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