WHAT TO EXPECT WHEN BUYING IN 2022

December 29, 2021

HERE'S WHAT YOU SHOULD LOOK AT

January is right around the corner, so many home buyers will feel the “itch” to move, buy, and sell a home. In a previous post, we discussed how to buy if this is your first time, but we should also discuss what you should expect when you do that. It is claimed that the new variant will once again have an impact on the housing market. COVID has had a major influence on how people view the housing market. That being said, let’s get to the point: what should you expect this time.

More buyers than homes to buy.
– We know that the supply demand continuously seems to sky rocket and it has been a recurring issue since 2019.
– A healthy real estate market has about six months of unsold inventory
– There is a glimmer of hope: real estate industry groups predict the supply of for-sale homes will increase in 2022.

Home prices are going to rise, just not as quickly
– Year-over-year, home prices are expected to increase, but at a slower pace than in 2021.
– Home prices are expected to rise just 2.8% in 2022

Mortgage rates are expected to increase
– Average mortgage rates remained at historic lows in 2021
– Economists forecast that rates will increase in 2022
– We could see a 3.7% change compared to 2021

Not many changes, but they sure will impact who is out and looking, and who decides to not buy.

If you’d like a personal consultation with a specialist, don’t hesitate to give me a call in the new year!

Stats by: nerdwallet.com