2022 Housing Market

What a year it has been for the mortgage and real-estate world in the year 2021. Between the incredibly low-interest rates and the shortage of houses on the market 2022 might be the best year to buy a home. Since the interest rates dropped to a record low in close to a decade this caused many people to scramble and refinance or even purchase a new home! This was good for many people to get some extra cash in their pockets, but it was an absolute bidding war for any person looking to purchase a home. This caused many homes to be bought for much more than the sellers asking price. The demand was high, and the supply was very low. Many credits this to the coronavirus pandemic which has affected each and every business in some way in the United States. Now starting the 2022 new year might be the perfect time to start your journey to finding a new home.

With the rates still fluctuating but many predict them to plateau this will cause many people to rethink buying which will open the marketing for many people and slow down the competition on homes. With less competition, you might end up getting your home for cheaper than what it would have been in the year 2021. Furthermore, don’t think refinancing is out of the question in 2022. The rates are still going up and down on weekly basis and with coronavirus on the up and up we could see another fall in the interest rate this year. If this is something you are considering be sure to contact us today or give us a call for any and all mortgage lending questions.