3 Real Estate Trends To Keep An Eye On In 2022 Real estate has become more challenging than ever in 2022. The recent coronavirus pandemic has made the real estate and housing market more competitive for both buyers and sellers. Despite the fact that restrictions are being eased, there is still a lot of uncertainty about the world's stability and economic impacts, which could affect or change things in the housing market. So, with the continuous rise in housing interest rates, what's in store for the rest of the year—and beyond? Here are three trends you don't want to miss.
3 Real Estate Trends To Watch Out For In 2022 The pandemic in 2020 and 2021 didn't stop buyers from purchasing houses. In fact, buyers have surged since then, plummeting the availability of home inventories, both new and existing. Experts predict a scarce inventory this year. Keep an eye out for the following trends to improve your chances of finding a home in 2022. ● House hunting digitization When the pandemic struck in the previous years, it propelled the digitization of home purchases faster than ever. Homebuyers used to go house hunting and make a purchase outside years ago. That is no longer true. Due to recent advancements in technology, such as 3D tours and virtual staging, many people are now able to take a virtual tour of a home. Home sellers can now explore listings, communicate with agents, and learn about mortgage possibilities thanks to online real estate sites like Zillow. There were 3D home tour choices available from Zillow and several related businesses. A recent study by Statistica found that in the United States, 5.64 million housing units were sold in 2020 as opposed to 5.34 million in 2019. This demonstrates that, despite COVID regulations, the digitalization of house hunting has outpaced that of earlier years. ● Increased City To Suburb Migration Major cities in the United States have seen an increased suburban migration as a result of the pandemic. More people are now able to work from home and the need to hang around their workplace is just not there anymore. Research by Brookings shows that many left the big cities for the suburbs. It is expected that this trend will not stop anytime soon. People who lost their jobs and struggle to live in big cities are relocating to areas with more affordable housing and rent. Others, like wealthy people, are voluntarily moving. ● Increased Price It has remained a seller's market because housing costs have continued to rise and this has been a problem for many buyers. High prices of housing units are caused by increased demand and low supply in the housing market. In 2022 and beyond, it is predicted that home prices will remain high.
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