2022 Housing Market Predictions

2022 Housing Market Predictions:

What buyers and sellers should expect this next year:

The market will continue to be a sellers market this year, much like in 2021. With fast moving homes and higher prices, the market is continuing to target sellers, but that doesn’t mean buyers are out of luck just yet.

Because of the higher prices and the rising mortgage rates, the market is slowly becoming less competitive. Buyers are having to make more sound, set in stone decisions on what they can afford and the location they want to live. On top of not having as many aggressive buyers and offers, inventory is growing. This is creating options for buyers, especially those with a strict price point making it easier for buyers to find a home that does not have multiple offers on the table after only a day on the market.

We, in real estate, are learning that people 26-35 are coming into their prime home buying years rising the number of buyers looking for housing, so luckily the inventory numbers are rising just in time.

With more and more people working from home, teaching and doing school from home, and adjusting their workout routines to be more at-home friendly, there is a need for more space, extra bedrooms, finished basements, and the ability to do more in their house. This is convincing sellers to sell and buyers to buy.

We are predicting a more balanced market in 2022, but with higher pricing, rising mortgage rates and continuing the fast-paced market.

Article courtesy of Realtor.com

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