What are the current trends in Real Estate in 2022?
2021 in Real Estate was a real wild ride for buyers and hunters that purchased and rehabbed. It went up, down, sideways and under, and all we could do was stick for the ride till it goes up again. It’ still a seller’s advantage this year, but it could be easier for first time home buyers (or so they say) To help you better understand the market in the coming year, especially for the coming year in 2022, We have compiled the best practices and trends to understand before plunging into the housing market!
1. Thoughtful Wellness Spaces and Natural Light is the way to go
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The past two years in the pandemic has struck everyone, especially their peace and mental health. With most work setups now offering a remote option, having your own peaceful space at home, like a meditation room or even just creating elements that induce relaxation and reduce stress or clutter are ensure to give homes a premium.
2. Housing and Affordability will match, or not.
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Experts predict that 2022 will welcome higher income, but also higher mortgage rates. Home prices are predicted to go up 2.9% this year, while mortgage rates are expected up to 3.3% according to Realtor.com.
Our advice? Do your research and find the best loan options and the ideal lenders that have both low rates and low fees. Get pre-approved for a mortgage.
3. It is still a seller’s market.
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Inventory still remains low and it is still a seller’s game in 2022, but Realtor.com predicts that inventory will grow a bit this year.
What can buyers do? Look at homes that have been in the market from more than 21 days. Homes that linger more than this amount of time usually do a price adjustment, and taking a bit more time to look might just award you a new home.
4. A starter home might just save you more money than renting.
Photo from money.com
With higher mortgage prices, renting might seem like the best option right now, but since everyone is going down that route, renting is now also going up in prices.
Half of the largest metro areas have stats that say the monthly cost is 15.5% lower in buying a starter home than renting.
Take a look how the prices are in the area you want to move in? Is the rent cost higher than buying? Do you feel like the daily expenses of maintaining a home is more than renting a place?
Decide on several factors and doing your meticulous research is always a good step towards home buying.
And those are a few steps and trends that you might need to take note this 2022 before taking your plunge towards Real Estate!
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References used :
https://www.apartmenttherapy.com/real-estate-trends-2022-37022888