With its thriving economy and growing local amenities, Greater Fort Wayne is a highly desirable community that continues to draw more new residents and businesses each year. According to U.S. News and World Report, Fort Wayne is the second most affordable place to live in the United States, with the average cost of living at just 19.13% of its median household income.
Fort Wayne was also nationally recognized as a top emerging housing market based on home price growth and buyer demand by the Wall Street Journal and Realtor.com last year. This is excellent news for homeowners across Northeast Indiana, but what can we expect for those looking to buy a home in 2022?
Although home prices have been rising lately, mortgage interest rates are still exceptionally low. Rates are expected to increase somewhat in 2022, so locking in a lower interest rate early in the year should be high on your list of priorities. A rise in interest rates typically leads to increased wages, which should help alleviate affordability concerns for many homebuyers. With a market as competitive as ours, having a real estate professional go to bat for you is essential.
Homeowners looking to capitalize on the rising home prices of the current housing market should be sure to have a plan before placing their homes on the market. Working with a professional Realtor® from Mike Thomas Associates will help you gain an edge over the competition. If you're a current homeowner but don't plan to sell, be sure to take advantage of the historically low interest rates and refinance your home mortgage.
With supply chain delays and labor shortages, the rate of new housing construction has been slow to take off and alleviate housing demand. Low inventory and strong demand have been driving builder confidence going into the new year despite these ongoing issues.
If you've been considering buying or selling a home in this thriving region or are looking to relocate here, give the expert Realtors® if Mike Thomas Associates a call today!