The Top 5 Trends in the 2022 Real Estate Market in Lake Placid
The 2021 real estate market was red hot. It was like a rollercoaster for buyers with lots of twists, turns, and dips. For sellers, it was also a fast-paced environment. However, the wild ride isn’t over yet. To help you better navigate buying a home in the year ahead, we’ve compiled a list of trends that we expect will shape the real estate market.
Demand for more space – inside and out.
Wanting more space amid COVID, people traded dense urban living for more remote areas that offer them room to roam. From home offices to dedicated fitness areas, many families craving more space. Creating a haven, a place that brings you both relaxation and joy is more critical than ever. The continued demand for more living space (both inside and outside) will stick around in 2022. Homes with spa-like bathrooms and outdoor seating areas will continue to sell at a premium.
It’s still a seller’s market.
Homebuyers are still likely to face an uphill battle with low inventory, but it shouldn’t feel like 2021. Buyers may still face bidding wars, but they aren’t expected to be as intense or frequent. This year as a buyer, you may need to be more flexible with your terms or willing to compromise on some of your priorities. The market will continue to require patience.
First-time buyers are scooping up ‘second homes’ before primary residences.
One unexpected trend is younger buyers securing second homes before primary residences. As remote working becomes the new ‘norm’, Generation Z and Millennials are gravitating towards buying in places that they like to spend their free time and continuing to rent where they live and work. Owning a part-time vacation home or an investment property could help them build equity during the interim.
Modern Mountain Homes
Modern mountain style defines its look with refined materials and thoughtfully accessorized open living spaces to allow breath into the home. Mountain modern seeks to incorporate a contemporary feel while connecting the homeowner to nature. Modern mountain homes in Lake Placid possess a beauty that is hard to come by, with their focus on raw wood details, spacious layouts, and magnificent views. We are partnered with Haas Habitats to create more natural homes for humans.
Buyers need every advantage in a fast-paced market like Lake Placid. It’s important to stay informed on things like interest rate hikes and village or town regulations in order to stay ahead of any potential issues that buyers and sellers may encounter. One way for buyers to stay ahead of the fast-paced market is by having their pre-qualification letter prepared ahead of putting in an offer and having their escrow, or down payment, ready to move. One way for sellers to stay ahead is to work with a good local agent who can maximize their value.