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We know 2021 was a crazy year for the residential real estate market, but will 2022 be the same? If you’re thinking of buying a new house in the coming year, it’s a good idea to know what to expect. So here’s a look at today’s market and what buying a home in 2022 could look like.
Better for Buyers
The boom in the homebuying market in 2021 due in part to the pandemic and the increase in people working from home will continue into 2022. The good news is, the pace of sales should slow down and become more normalized, which means there should be more existing homes for sale. More inventory means more options for homebuyers.
While housing prices could level off, interest rates are unlikely to stay as low as in 2021. The most significant impact is that it gives first-time homebuyers less buying power. Instead of waiting to see how things pan out as we get further into the year, keep searching now before rates increase.
Don’t Expect a Crash
Most experts agree that a real estate crash isn’t coming anytime soon. Supply and demand are still driving the prices, and though inventory should show some increase from where it stood in 2021, the market will still be hot due to the continuing demand. 2022 looks better than 2021 for homebuyers, but the challenges to finding inventory still exist, and the experts expect mortgage rates to go up at some point. If you’re considering buying a home this year, don’t wait to talk to a mortgage professional to get the ball rolling. Contact Midland Mortgage Corporation to learn what you need to know to get yourself into a new home this year.