Is it too late to buy a home?

2021  has been a banner year for housing, fueled by record low interest rates, strong demand, and a low supply of homes.

You may be wondering if you are late to the party, or if it's still a good time to purchase.  Experts expect demand to increase over the next several years as more millennials turn of age to buy a home.  At the same time, inventory is expected to remain extremely tight.

Builders are struggling to deliver homes with labor and chip shortages, as well as supply chain disruptions. Like any market, strong demand and tight supply is very supportive of home prices.

Additionally, interest rates are still extremely favorable, even though they have moved a bit higher from record-low levels, due to some inflationary pressure.

As we move into 2022, both buyers and sellers are wondering, what’s next? Will there be more homes available to buy? Will prices keep climbing? How high will mortgage rates go? For the answer to those questions and more, we turn to the experts. Here’s a look at what they say we can expect in 2022.

𝙒𝙝𝙖𝙩 𝘿𝙤𝙚𝙨 𝙏𝙝𝙞𝙨 𝙈𝙚𝙖𝙣 𝙛𝙤𝙧 𝘽𝙪𝙮𝙚𝙧𝙨?

Hope is on the horizon for 2022. You should see your options grow as more homes are listed and some of the peak intensity of buyer competition starts to ease. Just remember, rising rates and prices are a great motivator for you to find the home of your dreams sooner rather than later so you can buy while today’s affordability is still in your favor.

𝙒𝙝𝙖𝙩 𝘿𝙤𝙚𝙨 𝙏𝙝𝙞𝙨 𝙈𝙚𝙖𝙣 𝙛𝙤𝙧 𝙎𝙚𝙡𝙡𝙚𝙧𝙨?

Make no mistake – this sellers’ market will remain in 2022 as home prices are projected to continue climbing, just at a more moderate pace. Selling your house while buyer demand is so high will truly put you in the driver’s seat. But don’t wait too long. With more listings projected to become available, your ideal window of opportunity to stand out from the crowd won’t last forever. Work with an agent who knows your local market and current inventory conditions to ensure you have the support you need to make an educated and informed decision about selling in the coming year.

If you are considering purchasing a home, conditions are a bit challenging because of low inventory, but the rewards and can be substantial, as the housing boom is expected to continue.

Contact our team to see the opportunity you have in 2022 by using smarter strategies.