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2021 saw many people looking to buy a home outside of major urban areas. As more and more people embraced working from home (some even opting for this set up permanently), homes that could support both personal and professional life became more important to buyers. Fewer and fewer prioritized proximity to work or urban lifestyle amenities, since many of these businesses remained closed or people had gotten used to doing without them.
Will these trends continue in 2022? What about home prices? Will this be a seller’s market or a buyer’s market? Here is what the experts had to say about what to expect from real estate in 2022.
Zillow predicts that 2022 will remain a seller’s market. “Zillow foresees U.S. home prices rising 11% overall,” reported Fortune magazine. While this isn’t quite as drastic of an increase as we saw in 2021, it is still highly favoring home sellers over buyers.
Realtor.com Chief Economist Danielle Hale told Forbes magazine that millennial homebuyers are the ones to watch as the housing market continues to grow. “Demand from these young households will keep the market competitive and fast-paced despite a small uptick in housing inventory as builders continue to ramp up production, increasing single-family starts by 5% in 2022.”
Remember that these are all just predictions and that the market may not behave in ways that even the experts predict. Major changes such as job loss or growth, interest rate changes, or developments in the global pandemic can all have far-reaching effects on things like the housing market.
If you do plan to buy or sell a home in 2022, there are a few ways to make it work to your benefit whether you are a buyer or a seller. Sellers should talk to an experienced real estate agent to find out how to price and market their home. Buyers should work with a reputable lender to get the best terms and find out which mortgage options will work for them.