Housing market coming in hot in 2022

There is a lot of talk about the housing market in 2021 but, let’s talk about 2022. According to Forbes, home sales are expected to increase another 6.6% and home prices to rise another 2.9% on top of 2021 highs. There is a lot to consider if you are thinking of purchasing this year. It is forecasted that there will be a gradual uptick in mortgage rates. Last year, buyers were fortunate to secure low rates. In 2021, a 30-year fixed-rate mortgage dropped to historical lows at 2.65%, while a 15 year fixed was as low as 2.27%. Experts predict mortgage rates will peak in the spring of this year.

For those in the market to purchase their first home, the demand for homes 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. Call me if you are one of the 45 million Millennials aged 26 to 35 at prime first-time homebuyer age. My team will take care of all your real estate needs. Please email me here for more information.