Published on January 31st, 2022 | by Bibhuranjan0
Top 4 Real Estate Trends for 2022
The real estate market has always been one of the most booming and steady markets; however, along with other industries, it was deeply affected by the COVID-19 pandemic. It’s safe to say that 2021 was something out of the ordinary in real estate. Soaring property prices, bidding wars, and low mortgage rates were the key features of real estate in 2021. Will things change in 2022? In some ways, yes. Let’s explore the top four trends in real estate for the upcoming year.
There will be fewer offerings
One of the serious challenges facing the real estate market in 2021 was tight inventory, and this trend is likely to stay in 2022. The construction industry hardly caught up with the enormous demand for property, pulled off by supply chain delays, lack of workforce, and materials, all caused by the COVID-19 outbreak. So if you want to get the right home in the right location, reach out to real estate agents in Montpelier VT to strike your best deal.
Property prices will grow slower
Home prices have significantly increased in 2021, and since the number of homebuyers doesn’t seem to stop growing, the inventory is continuously shrinking. That being the case, home prices aren’t likely to drop. However, the days of sharp price jumps will be gone in 2022. Although the prices won’t go down, real estate experts assume that they will increase at a considerably slower rate than we’ve lately experienced.
Suburbs will remain a popular choice among home buyers
The coronavirus pandemic drove many people to the suburbs. Fair enough, as suburban homes provide more living space and feel safer than crowded cities. In addition, more and more people are switching to a working-from-home mode, so commuting is no longer a headache. This trend is sure to continue; however, greater demand for suburban homes might also mean higher prices.
Foreclosures will shoot up
Due to a nationwide foreclosure ban, foreclosures were nonexistent by July 2021, when the moratorium expired. Consequently, foreclosure rates began to rise, and this trend doesn’t seem to slow down in 2022.
All in all, the real estate market is likely to get closer to normal in 2022. If you consider selling or buying property, turn to real estate experts for professional assistance. Go to FastExpert to find the right agent.
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