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October 23rd, 2021 11:17 AM
Ask anyone who is claiming home sales are going to crash for their existing homes forecast. You see it in print, online, radio or TV from time to time. But nationwide, existing home sales are under $4 Million. In addition, today and for the next 4 years, we have a lot of 1st Time home buying age that need shelter. But housing needs won't just be from Millennials, Gen Z coming into home buying age. Here, on the North Fork, Riverhead and Shelter Island, will also have our move-up, move-down, cash and investor buyers adding to the demand.

Economists at Fannie Mae expect increases in mortgage rates and home prices in 2022 due to higher inflation, tightening of monetary policy and low home inventory. In its October, 2021 forecast, the 30 year fixed rate mortgage should average 3.3% and home prices will increase in 2022 around 7.4%.

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Posted by Richard Wayne Abatelli on October 23rd, 2021 11:17 AMPost a Comment

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