Changes You Need To Know About Homes For Sale In 2022
The housing market was a wild ride in 2021. It was a classic seller's market, in that there were more excited, pandemic-driven buyers and fewer homes for sale. Prices were sky high, with homes often receiving multiple offers and eventually selling for more than the original asking price. In fact, Fortune reports that an estimated 32 percent of buyers paid $50,000 or more over the asking price of their new home. So, what can you expect in 2022?
With the housing inventory so low last year and in order to avoid the frustration of being in a multiple offer situation, many buyers decided to wait in the hopes that more houses would be available in the spring. Unfortunately, the housing market is still suffering from low inventory. Zillow predicts that the market will continue to be "tight" throughout 2022, with the demand for homes for sale "exceeding the available supply of homes."
Like last year, the competition is fierce for buyers. This is for many reasons, including pent-up demand due to the pandemic, changes in jobs and lifestyles due to an increase in work-from-home opportunities, and an increase in Millennials finally entering the housing market. Fierce competition, however, does not mean unattainable. Buyers just have to be quick to act when homes for sale become available. Working with a good real estate agent who can notify you the minute a house hits the market is key to your success.
While buyers hoped prices would have reached their peak in late 2021, the spring market shows no signs of slowing down. In fact, Zillow expects another almost 14 percent increase in housing prices throughout 2022 on top of last year's near 20 percent growth. The continuing rise in prices, while frustrating, is just the nature of a capitalist society. Whenever there is both a demand for and scarcity of a product, the price will rise.
The most important thing you can do as a buyer in a red hot real estate market is to get help with your search for homes for sale. An experienced, licensed real estate agent can help you search for a house, preview it quickly, and make a solid offer fast. Additionally, if you do end up in a multiple offer situation, your agent will be able to navigate the ins and outs of what to do, from increasing your offer price to removing contingencies, in order to make your offer the most attractive to the seller.
Contact a real estate agent for more information about homes for sale.