If you’ve been anywhere near the housing market as of late, you know how crazy it’s been. With low rates and subsequent low inventory, for sale signs aren’t lasting long. If you’re looking for some advice on navigating current market conditions, look no further! Check out our tips for staying sane and achieving your homeownership goals below.
With fewer homes on the market than the past few years, supply is low while demand is high. More people are looking to purchase a home than those looking to put their house up for sale. In addition to that, the median home price has gone up significantly in 2021 compared to 2019 and 2020, and is expected to continue to rise as we head into 2022. What does that all mean for you? There’s not a better time to buy than now. Don’t wait – rising rates are coming, so even if you feel like you missed an opportunity the time is still right for you to make your move.
When the pandemic hit in 2020 and a lot of people started working from home, many began evaluating whether the small home in the city was worth it without a commute being a driving factor. What we saw was a large increase in people moving out of inner-city areas and into the suburbs. So, what’s the takeaway? Consider looking close to the heart of the city for a home that you can make your own.
The biggest enemy of the housing market right now is time. Homes are only staying on the market for a short amount of time whereas materials and supplies for new construction homes are being delayed due to supply chain issues. If you are trying to make a move, one of the best things to do right now is to plan with a long lead time. Don’t expect to be in your dream home tomorrow – instead, talk with an InterLinc Loan Originator about your goals and decide to achieve them regardless of market conditions.