From a real estate perspective, 2021 was a busy year in Parsippany! Many people decided to make this bustling and beautiful town their home, while many other families moved into homes that better suited their changing needs - without changing their zip code. With 37 years experience helping people sell and buy their dream homes, I have a few ideas of things to watch for in 2022:
- Rising Prices: While there is some debate among Wall Street as to how high, most experts agree that home prices will continue to grow in 2022. This growth may be more in line with traditional years, and not the explosive growth seen during the pandemic.
- Mortgage rates: Rates will rise modestly, but not enough to affect home prices.
- Low Inventory: Experts continue to predict a low inventory of homes, which will keep home prices growing, despite rising interest rates.
- Young Buyers: Millennials are choosing to buy homes, thanks to low interest rates and a continued desire for more space. These buyers are looking for turn-key houses that require little to no updating. If you have a home that could use a refresh before selling, Compass Real Estate offers a Concierge service, a no-interest, no-money down way to help finance home improvements before the home goes to market.
- Home Offices: Many large companies have yet to call employees back to the office. And after 18 months of working at home, employees are looking for dedicated work spaces where they can spread out and be productive.
- Whole House Generators: With the increase in snowstorms, rainstorms and winds, a whole- house generator can give homeowners uninterrupted electricity and peace of mind. Buyers will pay more for this added benefit.
- Updated colors and finishes: The color experts at Benjamin Moore have picked “October Mist” a gray/green with hints of silver, as their Color of the Year. This neutral shade really pops against marble and gold-toned finishes. Because it echoes nature, it looks at home in traditional, modern or transitional living spaces.