Housing Inventory Predictions In The US for 2022

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U.S. house prices to rise another 10% this year | Reuters

Home prices might expand, but the options will, too, according to some economists.

In July, the inventory of homes to buy surged at the fastest rate since 2017, up nearly 31% compared to a year ago, according to a Realtor.com report.

“The housing market is continuing to move toward more balance,” the report said. “Inventory levels continue to rise, providing more options to homebuyers who are still actively looking for a new home and price reductions are also increasing, as sellers adjust to the new normal.”

Should I Buy a Home Now or Wait?

Buying a house—in any market—is a highly personal decision. Because homes represent the largest single purchase most people will make in their lifetime, it’s crucial to be in a solid financial position before diving in.

Use a mortgage calculator to find out how much your monthly housing costs will be based on your down payment and interest rate.

Trying to time the market or predict what might happen next year is not the best homebuying strategy. Instead, it’s better to buy based on your budget and needs. If you find a home you love in an area you love and it also fits your budget, then chances are it might be right for you. However, if you make too many sacrifices just to get a house, you may end up with buyer’s remorse and an expensive albatross you have to offload.

Tips for Buying in a Hot Housing Market

Start with a budget and make a pact with yourself to stick with it. Even with a slight uptick in the number of homes for sale, buyers are still facing steep prices and mortgage rates in the high 5% range.

“The biggest thing right now is the disconnect between buyers and sellers,” says Rita Tayenaka, owner of Orange County, California-based Coast to Canyon brokerage. “Buyers want to lowball, and sellers want last year’s price.”

While buyers are getting a bit more breathing room now, they should keep in mind that it’s still a seller’s market while they consider their options.

Tips for Selling in a Hot Housing Market

The first step for a successful sale is to find a listing agent who knows the area and comes highly recommended. A good agent will work closely with you to price your home competitively while fielding questions and offers from prospective buyers.

Tayenaka notes the outsize number of homes falling out of escrow recently as a cautionary tale to sellers who continue to demand 2021 prices. “Everyone thinks their house is special,” she says.

Even though the market may still be tipped in your favor, it’s in your best interest to present your home in the best possible light. Not everyone has cash dedicated to renovations and repairs, but a little sweat equity can go a long way. The first step is to declutter, organize and clean.

Tuck away stacks of bills and receipts, store toys and make sure your kitchen is tidy. Bright lighting is also a great way to make your home feel spacious and light.

Even if your home is outdated, a clean space gives buyers a chance to envision the potential of the new home.

SOURCE:ForbesAdvisor.com

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