What’s It Like Buying a Home in 2022?

What to expect in the 2022 housing market | Team Callahan at Keller  Williams Realty

The housing market of 2021 left a lot of prospective buyers stunned and nervous. Last year saw a lot of spur-of-the-moment bidding wars and plenty of homes disappearing off the market the moment they hit it.

Although many buyers hoped this new year would see the market cool: it’s still incredibly hot. This is what it’s like to buy a home in 2022, and why too many it feels like a marathon they can’t see the end of.

The Market is Still Hot From 2021

2021 was a groundbreaking year for real estate, with homes flying off the market within fifteen days on average: and many not staying available for more than 48 hours. Unfortunately, in most major cities, this is still happening. Houston is seeing a huge push of high-elevation homes selling almost instantly, and areas like Los Angeles are seeing already expensive land still spark a fire of bidding wars. 

Prices Are Slowly Rising

Although the market is still hot, thankfully, the price rises that we saw in 2021 are slowing down in 2022. By the final quarter of this year, the market is only expected to rise another five percent. This means that buyers won’t have to worry about houses being so far out of their reach that they can’t afford anything and instead implies that buyers will have to fight through the race to get to properties first.

Many Quick Flips Are Getting Overlooked

Unfortunately, in the desperation of getting a home, many quickly regret it, finding that the house is subpar or simply a spiffed-up rental property that they feel tricked into getting. Currently, 65% of people who have bought a home in the last couple of years regret at least one part of their purchased property. Because of this, it’s vital to remember that although the push may make it feel like you have to buy a house now ‘or else,’ one of the most important steps to buy a home is to think about every property thoroughly. 

There’s A Push for Single-Family Residences

Single-family residences were popular in 2021, and they’re still booming with popularity in 2022. Due to the pandemic, people generally have realized that they care severely about the space they take up and their proximity to strangers. People want a space where they don’t have to worry about masks or sick people and instead can think about things like growing a garden and spending time with their loved ones. As a result, single-family homes are expected to continue booming in popularity through the rest of 2022 and into at least the first half of 2023.

If You’re Buying in 2022: Get Ready for a Struggle

Although it’s not easy to buy a home in 2022, it’s worth it to those who can leap. Not only does having your property give you the freedom to live your life however you want to, but it also ensures that you’re gaining equity when you make monthly payments. This is more than any rental could ever offer.