Are you going to buy or perhaps sell a home in the coming months and you want to know how the real estate market forecast looks? While nobody can really predict how things are going to be in real estate with accuracy, some trends would be helpful to give you some idea of what to expect. So, here we are going to talk about the future of this market through trends.
Forecast for 2022 and beyond
One aspect you need to keep in mind is that it is still your personal situation and finances that should dictate your decision when it comes to buying or selling a property. But then again, let the market predictions help you decide as well. Firstly, the forecast looks very hopeful and the market is seen to continue to explore. A rebound is expected after this pandemic and this includes steady mortgage rates wherein there is high demand for housing and buyers are still going to enter the market to look for their dream homes.
Specifically, in 2022, the rise of remote workforce with flexible work schedules is one factor that will keep home sales growing. This is expected to also lower mortgage rates, which in turn, further drives the demand up. In fact, as early as this year’s fourth quarter projections, home sales are forecasted to go up while mortgage rates are going down. However, this data should not be interpreted as something bad if you are a buyer planning to purchase a home in the first quarter of next year. The figures are based on last year’s data for the said quarter and they can change by next year.
Ultimately, the overall prediction paints a picture of a bit higher home sales and prices in comparison to the previous year’s data. This is because supply tends to remain low by next year but is seen to gradually go up in the coming years. So, this is the current forecast but keep in mind that as new data will be collected from the global real estate market, there will be big changes along the way.
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