In spite of interest rates ticking up from record-low early pandemic levels, the housing market remains hot, with no signs of change.
IndyStar sat down with Litten, who has 50 years of real estate experience, to talk about what homebuyers and sellers can expect of the housing market in the year ahead.Question: How would you characterize the market during the first month of 2022?The market that we experienced in January was a continuation from last year. Obviously, last year finished very strong.
Now, because the Federal Reserve has been rattling their sabers that they're going to be raising rates, I think the mortgage market has pre-priced these interest rate hikes in already. The other thing that we’ve seen is that when we do get a home on the market, it’s not uncommon to have 10, 15, 20 showings on it immediately. And within a day, multiple offers on it with people paying more than the seller is asking.I can remember five years ago, what we’re experiencing was a common occurrence in the San Francisco, California, market. I thought, 'We’ll never see that happen here in Indiana.
That's the $64,000 question, because they never know what they're up against. And the thing that I would encourage them to do is to not lose faith in their ability to buy a home. Sometimes they are going to have to make offers on four or five homes over a period of time to eventually get one but they just need to hang in there and keep doing it.
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