Here are four things you can expect from the market this year.
If you’re thinking of buying or selling a house, you should know that we’re nearing an exciting turning point in our market. What does the rest of 2022 hold for the housing market? Today we’ll discuss where things appear to be heading.
1. Inventory is likely to grow. We’ve seen early signs that housing inventory is beginning to increase. Experts say that should continue in the months ahead. The gap between the number of homes for sale this year and last year is one-fifth the size that it was January. This growth means that buyers will have more options than they’ve had in a while. However, supply is relatively low, so be ready to act fast and lead with your best offer first.
2. Sellers will face increased competition. The good news is that if you’re also buying another home, the increased inventory will also give you more options to choose from, making your move-up process even simpler.
3. Mortgage rates will continue to fluctuate. Experts agree that inflation should continue to drive up mortgage rates. As a buyer, work with a trusted real estate professional so you can learn how rising rates impact your purchasing power. For sellers, increasing rates are motivating some homeowners to move sooner than later.
4. Home values will continue to appreciate. The pace of appreciation should moderate, but home prices won’t fall. Throughout the country, prices have surged for the last two years, including the first quarter of 2022. This means it will cost you more to buy the longer you wait. However, it should also give you peace of mind that once you purchase a home, it will grow in value. For sellers, appreciation is great news for the value of your home.
Whether you’re buying or selling, you need to know what’s happening in the housing market to make the most informed decisions possible. If you have any questions or would like to discuss your own circumstances in detail, give us a call or send us an email. We’d love to help you.