With the new year finally here, the real estate market can expect to see some changes and things staying the same in the new year. While the real estate boom and demand for homes will continue into 2022, here are some things you may want to keep your eyes out for in the new year if you’re looking to buy or sell your home or property.
2022 Real Estate Trends To Watch For
- Delays in product orders for home renovations will continue
The supply chain is still not back to normal amidst Covid-19. For those wanting to do renovations to their home or invest in a fixer-upper property in 2022, keep in mind the delay that may come with products and purchases. Things like lumber, finishings, furniture, and more are all seeing significant delays when it comes to processing and shipping.
- High sale prices means multiple offers for buyers and higher sale prices for sellers
If you haven’t recently sold or purchased a home, you may be unfamiliar with the current norm. In 2022, you can expect to see multiple offers on homes for sale. What does that mean exactly? As a buyer, expect to have competition and understand that your offer may be countered or require additional offers. As a seller, you can strategically place your home for sale at a price point that encourages buyers to bid out one another – ultimately getting you a better deal.
- Mortgage rates will stay relatively low
Home buyers have enjoyed lower than average mortgage rates in 2021, and that will continue into 2022. While rates are expected to go up slightly, they will continue to be lower than average. Depending on where you finance your mortgage, you may expect anywhere from 2-5%. You can start comparing rates today through online tools like Zillow’s free calculator.
- Pre-approval will be necessary to compete in bidding wars for buyers
For those looking to purchase a home in 2022, pre-approval is very important if you want to portray yourself as a qualified buyer to sellers. By getting pre-approved, you show sellers that you’re a serious buyer and that you have the funds for the sale to go through.
- A Realtor will be crucial in navigating the 2022 market
If we learned anything from 2021, it is that the housing market makes many twists and turns. By working with a real estate agent, you gain an expert in the field that understands current trends, how to get you the best sale, and who can lead and guide you through the complex real estate market.
Searching for a Lancaster Realtor you can trust?
Look no further than Matt Weaver Group! We understand the nuances that go into buying and selling homes and properties. Whether you’re ready to hand your house off to the next resident or are looking to purchase a new property for you and your family, we are here to help you find exactly what you’re looking for. Contact us today to get started or learn more!