It would be an understatement to say that the real estate market has been unstable in the last few years. People who have been paying attention to Westhampton real estate know that it has seen some serious spikes since the beginning of 2020, and home sales are up by quite a bit. In 2021, it was almost impossible to find a home to purchase, no matter what your budget was. Inventory was simply gone, and Westhampton houses for sale were selling for thousands over the asking price, often just days after hitting the market.
Now that we are well into 2022, people are wondering what they can expect from the future when it comes to Westhampton real estate. There are a lot of rumors and fear-mongering going around, but few people are offering actual advice or utilizing data. If you’re considering looking at Westhampton houses for sale, or you want to list your own Westhampton real estate, but you’re not sure what the future holds, keep reading. These are our best predictions based on actual data on what to expect from Westhampton real estate in the coming months.
Inventory is starting to return
During the end of 2020 and basically all of 2021, there was nearly zero inventory to speak of
when it came to Westhampton real estate. Houses were hard to come by and often got multiple offers within just a few days on the market - if they even made it to market. While it makes sense that Westhampton real estate was so incredibly desired, it was discouraging for those looking for a home in the area.
Going into 2022, projections are looking a little better. Inventory is coming back to the market, and those actually looking at Westhampton houses for sale have a bit more time to make decisions. You don’t have to put an offer down immediately after viewing in order to even be in contention.
Prices are still up, though
Despite inventory returning, prices are still relatively high. While Westhampton houses for sale are unlikely to receive 10-15 offers for purchase within a week of listing, like in 2021, they are still selling for the asking price in most situations.
If you’ve been holding out purchasing Westhampton real estate in hopes the market would dip in 2022, you may be waiting quite a while.
No bubble to burst
People that don’t understand the current real estate market seem to think that this “bubble” has to “burst” at some point and often compare the high prices we saw in 2021 to the 2008 housing crisis
. This isn’t just an unfair way to look at Westhampton real estate, but it’s completely untrue.
To simplify a much more complicated issue: the 2008 housing bubble burst because of poor loan practices. People were receiving loans they should have never had access to, and housing prices bloated because of it. Eventually, it all came crashing down, causing a recession and serious issues in the real estate market. Westhampton real estate was not as directly affected as other markets, but it did take a hit.
Fast forward to now, and Westhampton real estate did not increase in price because of poor loan practices in 2020 and 2021. Instead, interest rates were very low, which meant people who kept their jobs during the pandemic could afford more of a mortgage. With so many companies going remote, they had more freedom to live and work anywhere.
For many people who had their main residence in the city, Westhampton houses for sale were incredibly appealing. Where would you rather undergo a lockdown, an apartment in a city you can’t take advantage of because everything is closed, or a gorgeous piece of Westhampton real estate where you have your own lawn, backyard, and space to spread out?
Because there was no artificially inflated bubble, the housing market is not expected to burst at any point. When inventory returns and demand is a little lower, prices should level out some, but there will be no dramatic bottoming-out.
Still a good time to sell
If you put off listing your property among Westhampton houses for sale during the pandemic, but you’re now considering it, don’t fret; you haven’t missed the wave
. You can still list your Westhampton real estate and make a tidy profit, depending on the condition of the home and the location.
While you may not get the intense interest and multiple offers that happened this time last year, it’s still a good time to list your home. Buyers are very interested in Westhampton real estate and living the more relaxed, luxurious way of life. Honestly, Westhampton real estate never really goes out of style, especially for city buyers! You haven’t ‘missed out.’
When it comes to buying
If you’re looking at Westhampton houses for sale, but you’re not sure what to expect, keep in mind that while prices will level out from where they were a year ago, they should not experience a big dip. Westhampton real estate is still competitive, but you will have a little more time to really consider your purchase before placing an offer.
If you are waiting and hoping prices will drop further, you may be waiting quite a while. Inventory is returning, but as mentioned, prices won’t be dropping anytime soon.
Enter the Westhampton real estate market
If you’re ready to jump into Westhampton real estate, consider reaching out to Maria Cunneen
and her team today. Maria has over 18 years of experience working with luxury real estate and has helped countless buyers and sellers make their Westhampton real estate dreams come true. It doesn't matter where you are on your real estate journey; if you’re ready to sell or you want to look at Westhampton houses for sale, Maria
*Header photo courtesy of Maria Cunneen Real Estate