The pandemic forced many people to work remotely or acquire new jobs. No longer being tied to a physical location for work allowed folks to relocate, which led to a huge demand for homes, one that could not be matched by inventory. This is known as a Seller’s Market. Sellers currently have all the power in our housing market which will continue until inventory can match the demand. Recent studies show what homebuyers can expect from the real estate market in 2022. How do you think the market will look next year?
Expect to Make A Lot of Offers
This study surveyed 1,000 first-time homebuyers to identify what they have been experiencing in search of their new home:
- 52% of first-time homebuyers check real estate listings once or more per day
- The average first-time buyer toured 15 properties, virtually or in-person
- 33% of respondents tour 20 or more homes
- 98% of respondents said they lost out on a property they were interested in before finally finding their current on
- 56% of respondents took five or more offers for one to be expected
- More than a quarter said it took 10 or more offers to buy a home
What To Expect in The 2022 Housing Market
Fortune.com predicts that while the housing market is still hot, it will start to cool off as the inventory shortage begins to recover. More homes on the market will mean more options and less stress for home buyers next year.
Here are a few more things to expect as we move into 2022:
- A (somewhat) more buyer-friendly market
- More choices on the market
- A more ‘normal’ offer process
- The suburbs to remain hot
Austin Sellers Are Lowering Prices
The Homebuying Institute analyzed market data provided by Realtor.com to report that some of the hottest housing markets, including the Austin-Round Rock metro area, reduced their asking prices in September to attract buyers. The report also stated that the Austin-Round Rock metro area had the largest increase in new property listings during the month of September.
The connection of more homes coming onto the market causing sellers to face more competition could be what led to the recent price reductions, or this could also be a seasonal fluctuation, or it could be another sign that the real estate market is starting to cool down after such overheated activity. Only time will tell!
If this general cooling trend continues, the housing market could begin to see more options in the coming months – If you’re feeling ready to buy or sell now is the time to contact us!
We are here to help you find an affordable home rental in Austin and the surrounding communities!
Or, if you’re ready to rent out your place, Prism Realty is here to help!
Contact Prism Realty and let us help you achieve your real estate goals!
