Local Real Estate Information

 

Dec. 27, 2021

2022 Real Estate Forecast

At Preferred Real Estate, we are optimistic about Duncan and Marlow's real estate market for 2022.  We are convinced that home and land values will remain high, but we realize that sales may be fewer than what we experienced over the last two years.  This is a typical cycle for real estate as the trend of real estate activity rises and declines before it rises again.

Across the nation, and in our local market, there is a shortage of houses to list on the market, mainly resulting from the buying frenzy in 2020 and 2021.  Though listings may be fewer this year, there is still a strong local and out-of-state buyer interest, and we are confident that the desire to purchase and live in the Duncan and Marlow areas will remain strong for years to come.   The freedom to work from home has spiked the demand for housing in rural communities.   And, since we are just 35 minutes to Lawton/Ft. Sill, this short distance makes the Duncan and Marlow areas a strong attraction to military families.

This may be the year that we see an increase in foreclosures hitting the market due to the Foreclosure Moratorium lifted in July 2021.  These properties can offer housing and investor opportunities.  Still, we don't see this foreclosure market as solid competition for home sellers because foreclosure properties tend to be listed high and need a significant amount of repairs. You can read about 2022 Foreclosure Predictions at this link.

Interest rates are expected to rise this year, and though it may result in more cautious buyers, we do not see it slowing down the market in a big way.    Today, the current US average interest rate is 3.29%.  Interest rates could rise a few points and still be considered low.  When I purchased my first home, the rates were as high as 12%.   During my 25-year real estate career, the highest I’ve seen 30 year fixed rate mortgage interest rates is 4.75%.  So, I’m very optimistic that interest rates will remain favorable for consumers. To watch the rise and fall of interest rates, you can follow it on our website.

Low inventory is painful for buyers and REALTORS, but it’s great for sellers.   This is because you have less competition which means your property may sell quickly, for more money and more favorable terms.   Is 2022 the year you want or need to sell your home?   If so, we would love to help!  Just reach out to one of our REALTORS for a home selling consultation.  Or, if you merely want to know the potential value of your property but are not ready to call a REALTOR, you can use the property valuation tool on our website.  It will give you a range of value within seconds.  (this tool only works for in-town properties)

Preferred Real Estate has seven full-time REALTORS serving the Duncan and Marlow areas, and we are enthused about helping you achieve your real estate needs and dreams in 2022.

Courtesy of Susan Shaffer
This information is deemed reliable but not guaranteed

Posted in Market Updates
Dec. 2, 2021

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