If you’re looking to buy or sell a house in 2022, you’ll appreciate these real estate market predictions. In a recent presentation by Brian Buffini, real estate coach, and Dr. Lawrence Yun, NAR Chief Economist, the housing market for 2022 looks to be favorable for the most part.
- Market slow down
- Over-asking offers
- Multiple offers
Brian talked about the effect of inflation on home buying. He predicts increased inflation will create more demand for real estate, as it’s widely regarded as one of the most effective ways to shield against inflation. Make an investment in real estate now before inflation pushes the price of homes out of range, especially first-time home buyers.
Brian also predicts that the market will slow down in mid-2022, and there will be fewer over-asking offers. This will make it easier for homebuyers to stick to a budget when purchasing a home vs. overpaying due to competition from other buyers.
Dr. Yun predicts that multiple offers on homes will decline. This is a breath of fresh air for homebuyers who have struggled to compete against other buyers and their increasing bids. He also predicts that the total number of home sales for 2022 will exceed last year’s sales by approximately 7%. That means there is a good chance you’ll be able to find a house of your own.
Dr. Yun also predicts more inventory in the spring of 2022 due to increased new home construction and the end of the federal mortgage forbearance program. He also predicts that rising rates are inevitable, climbing to approximately 3.7% by the end of 2022. This could mean that buying a home in the first half of the year is in your best interest.
As you consider these housing predictions for 2022, talk to your real estate agent for your best course of action. In 2022, you could be in a new home with a low-interest rate. Happy house hunting!
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