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As the year comes to an end for 2021, the average homeowner has continued to gain home equity as home prices have seen a record growth level in more than four decades.  Per Corelogic reports, between the end of 2020 and now 2021 the average home gained about $57,000 in equity.   

The average sale price in the United States for the end of 2021 was $408,000 as compared to the year prior it was $389,400.   Due to the lack of inventory buyers are trying to stay competitive and often offering over asking or waiving inspections in order for a Seller to accept their offer. The Motley Fool predicts as we head into 2022, that Seller’s will likely still have the advantage.  Contributing factors likely will still be the lack of inventory and many Homeowners are still worried about the current economic and pandemic-related issues.  Across all areas we have seen inflation and it is throwing people for a loop.

Mortgage rates staying continually low for the year of 2021 around 3% to 3.5% on average has enabled buyers to continue to purchase a home.  It is likely that heading into 2022 the rates will rise slightly to around 4% per Bankrate.com but for a 30-year fixed mortgage is still a competitive rate.  20 years ago, the average mortgage rate was 6.97%, lets be grateful we are not anywhere near there!