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2022 Spring Housing Market Predictions

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2022 Spring Housing Market Predictions April 14, 2022 Miscellaneous

Spring is here, and the temperature isn’t the only thing that’s heating up. With demand for homes during continued housing inventory shortages, the market remains hot. Here are some predictions from industry experts on what to expect in the coming months:

It will be busy – and like the 2021 spring housing market. Remember last year when over 70% of home listings saw a bidding war, and prices soured an unsustainable 18.8%? This year, experts from Fortune.com predict that this could be the hottest spring homebuying season ever. And you know what that means – buyers may be forced to put in offers well over the asking price if they want to land their dream home.

Home inventory is increasing. In the past two years, the supply of available homes has declined to a level not seen since at least 2000 – which explains in part why house prices went up dramatically. However, there has been an uptick in the construction of new single-family homes and dwelling units to help ease the supply and demand imbalance.

Interest rates are continuing to climb. In December 2021, the average 30-year fixed mortgage rate issued was 3.11%. Now, rates have been around 3.92%. Holden Lewis, home and mortgage expert at NerdWallet said he wouldn’t be surprised if rates got to 4.5% or higher by the end of 2022. Long-term, rates could slow down the housing market. But for this spring, it may have the opposite effect since homebuyers may worry that rates will continue to go up and want to buy before that happens.

Pricier homes may be easier to get. According to the National Association of Realtors, homes priced at $500,000 and below are going fast. But homes priced higher are in bigger supply. If you are looking to buy a home over that $500,000 mark, you should have to make less hurried decisions.

So, what can you do as a hopeful homebuyer this spring? First things first, get prequalified or preapproved for a mortgage. Then, start your research. Look at what neighborhoods you like and what your “have to have” versus “want to haves” are when you are looking at properties. And most importantly, if the numbers work in your favor now, do not wait to buy.

Get in touch with a First Home Mortgage Loan officer today so we can help you get into the house that’s right for you.

Sources:
https://fortune.com/2022/02/28/spring-housing-market-predictions-2022/

https://www.marketwatch.com/picks/reduced-competition-5-predictions-for-the-housing-market-in-2022-from-economists-and-real-estate-pros-01647616356

https://myhome.freddiemac.com/blog/homeownership/whats-driving-home-price-growth-2022?utm_source=eloqua&utm_medium=email&utm_campaign=BlogRoundup

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