It was the sixth year in a row that the annual average sale price rose at Highwood. All three of the associations that comprise the Highwood community (Highwood I, Highwood II and Highwood III) experienced a rise in unit values during the year.
What distinguished Unit 154 was that it was one of the few units at all three of the Highwood associations with a basement. There was finished living area in this basement, a big plus for the floor plan of the home. Additionally, this townhouse offered three bedrooms, including one on the main living level. Many condo buyers prize a first-floor bedroom, so this unit had a lot going for it – hence the high selling price!
In the report, you’ll see that fifteen Highwood units sold in 2021. Of those units, thirteen sold over their asking prices. What a strong showing for Highwood for the year just ended!
Those fifteen unit sales in 2021 were consistent with annual sales totals for the last four years at Highwood.
The outlook for 2022
The market for condos at Highwood in the year ahead will be greatly influenced by the direction of mortgage interest rates. There is a general expectation that rates will move higher in 2022.
While no one can predict the future with certainty, most experts expect that affordability will remain a major issue and that housing inventory will remain tight as 2022 gets underway. The expectation that mortgage rates will rise as 2022 progresses means that prospective home buyers may want to act soon to lock in an affordable interest rate . . . before borrowing costs climb significantly. Waiting to buy could mean paying more per month for your home if mortgage rates rise as expected later in the year.
For prospective home sellers, experts forecast that demand for housing will continue to outpace available supply, so long as mortgage rates remain at their current rock bottom levels. While this is generally good news for sellers because it means less competition, a combination of high prices and rising interest rates later in 2022 should narrow the pool of potential buyers who can afford to buy your home. The emphasis for home sellers in 2022 should be on selling your home earlier, rather than later, in the year. As soon as practicable in the new year, you should hire a real estate agent who utilizes technologically-advanced marketing tactics to reach qualified buyers and get your home on the market.
If you think you may be ready to buy or sell, give us a call at 508-561-6259 or use the contact form below. As local market experts, we can fill you in on any issues impacting your move and create a custom plan to help you meet your real estate goals.