In 2021, over two-thirds of home purchases were decided by a bidding war. Moreover, in 2022, many experts believe that the housing market for buyers will continue to be competitive for homebuyers. This is because during the pandemic, the availability of homes has changed. Also, housing prices have been a steady rise over the past several decades. Finally, after a two year decline from 2019 to 2021, mortgage rates are back on the rise. Overall, if you are looking for a home in the Spring of 2022, the prices may not be in your favor.
- The one common theme is that the mortgage rates are rising
- Along with mortgage rates rising the prices of homes are also rising.
- An uptick in buyers made the inventory of homes low driving up the price.
“The housing market is coming off a year in which U.S. home prices soared an unsustainable 18.8%.”