The Housing Market Trends for Summer 2022
For the past couple of years, the prices for homes in the real estate market have been quite high. And although spring is predominantly real estate season, the bustle is being held off until the summer as buyers hope for normal prices to return. Sellers have reaped the most benefits from the current market as supply is low, and demand is high; but will that continue? You should be aware of these housing market trends for summer 2022 as they will help inform your next steps.
Fewer Buyers
Although summer 2022 is still a strong sellers market, experts expect the housing trend to transition slowly to favor buyers. Spring saw mortgage rates and home values skyrocket to unaffordable levels for many buyers. With so many people priced out of the market, sales are dropping as fewer buyers can afford those higher rates. Despite this, experts still expect demand to remain high, given that inventory is still relatively short.
Slower Activity
As demand cools down and constraints in supply increase, many anticipate slower activity in the housing market. This slowdown will lead to slower sales of homes and smaller price appreciation. Sellers shouldn’t expect to see as many bidding wars, nor should they expect to see their homes sold over asking price. However, although there is a slower activity than before, prices aren’t necessarily decreasing, but rather growing at a slower rate.
Sellers Market
The market has predominately been a sellers market, and for summer 2022, that trend is likely to continue, albeit not as strong. Many experts believe that the high costs in the housing market will not be as steep as last season but that rates will continue to grow. As such, the market for the summer will see sellers still with an upper hand, just not as intensely as before.
Are you looking to make the most out of the sellers market? Streamline Mortgage has hard money lenders in Nevada who are happy to work with you. We want to help you acquire your property so you can get to work and have it on the market as soon as possible.