BUYING A HOUSE IN 2022

Is this year “the one?” The year you’ll be moving on to a different home—hopefully, your dream home? We’re ready to help you make that a reality! Read these 2022 housing market trends and get in touch with our expert realtors to get started on your home buying journey!

buying a house in 2022

Home buying overall will be easier (with one caveat)

As Insider summarizes, 2021 was among the hardest years in history for American home buyers. A shortage of available properties pushed prices up and builders couldn’t keep up with demand.

Luckily, things will get easier for buyers this year. The supply of homes for sale will still be low in 2022, particularly in popular and desirable areas, but more reasonable prices will give buyers a better chance at landing great properties. Please note that home prices will continue to rise, but at a much more manageable rate than what we saw in 2021.

Mortgage loan interest rates will increase

We’ve been enjoying record-low interest rates over the last year or two, but these amazing rates will soon be a thing of the past. Experts predict that rates will reach nearly four percent sometime in 2022.

These rates may be slightly higher than we saw in 2021, but they’re relatively low when you look at interest rates over time (see 2008, 2000).

Millennial home buyers will be at a disadvantage

CNBC suggests that despite being at “peak first-time home buying age,” millennials are facing home prices that are dramatically higher than home prices were for previous generations. This generational divide means that millennials may need more planning and budgeting when saving for a home. And of course, a realtor that thoroughly understands your needs and budget is also essential!

Wondering how to make the most of the 2022 housing market? NerdWallet recommends that you:

  • Get pre approved for financing
  • Find a reliable, experienced local real estate agent (we’ve got a whole team of ‘em!)
  • Define your goals, but set realistic expectations
  • Network with friends and family and keep your ear to the ground about houses for sale
  • Be patient with yourself

Got questions about buying a house in 2022? We have answers! Get in touch with us.