The New Year Run-Down: Housing Trends for 2022

New year, new goals, and new dreams! Perhaps one of your dreams for this year will be to buy your first, or next home. With the arrival of the Covid-19 pandemic; however, the housing market has certainly been on a rollercoaster ride. So what can we expect for this year? Here are a few of the forecasted trends for 2022. Questions? Feel free to reach out to one of our agents!

Historically-low mortgage rates coupled with an inventory shortage created a red hot market,
with houses selling within hours of being listed, often for well over asking price.

Inventory will remain scarce.
Even before the pandemic, there was low housing stock in the country. And Covid-19 supply chain troubles and a labor shortage have only made things worse. Though builders are trying to ramp up production, inventory will remain scarce. Just keep this in mind when viewing a home you can see yourself purchasing—be prepared to act, and act fast.

Interest rates will rise.
We saw historically-low interest rates these past two years, so more than likely, you’ll see a slow and steady increase in interest rates and therefore mortgage rates over this next year. What does that mean? You may want to consider buying sooner rather than later.

Buyers should be prepared.
We’ve shared several articles in 2021 helping you prepare for the home buying process. This year, make sure you do your research. With inventory already being low, you’ll want to know exactly what you are looking for the moment you see it.