As the world continues to shift, so do housing market trends. The real estate trends are shaped by different factors depending on the situation every year. If you’ve been wondering if waiting until 2022 is the perfect time to buy a house or just take advantage of the current low rates, read these predictions as well as some tips to help you prepare as you navigate the market.
Property Market 2022 Predictions
1. Rise of commercial spaces
As lots of companies continue to shift to hybrid/remote work due to the effects of the pandemic, the need for smaller office spaces is in high demand. Fulfillment centre spaces for e-commerce have also been increasing for small and big retailers to service their consumers. Multifamily units, both newly built and renovated, have also become popular for families and the working class on a mortgage or rental basis.
2. Technology continues to play a role in the buying process
The current generation of home buyers entering the property market makes use of technology to assess their choices, review, and research on suburbs, and communicate with agents. Being visible online and social media is the best way to buy or sell a house and connect with a tech-savvy generation.
3. Competition remains fierce, but it’s slowly calming down
Due to the pandemic, housing inventory has become limited with sellers withdrawing their listing. Due to the limitations, prices have soared and bidding wars became aggressive, which may intimidate first-time home buyers. However, as of August 2021, the bidding wars are beginning to drop, making the market a bit easier to break into for all kinds of home buyers for the months to come.
4. Welcoming suburban living
From urban living to suburban living, lots of home buyers have been slowly considering the charm of peace and quiet the suburbs bring from the hustle and bustle of city living. As lots of companies switch to long-term remote work, people can now choose to live outside the centre at a much more affordable price and just commute when necessary. This shift to living the suburban dream leads to lower prices for both suburban and urban housing units.
4 Tips for Home Buyers in 2022
1. Prepare for mortgage requirements
Housing markets are competitive and homebuyers must stay on top of the requirements and changes, especially when applying for a loan. Depending on the mortgage type, improving credit score, settling debts, and having a stable or increased income are a must for starters.
2. Maximize online resources and technology
Utilize virtual tours and appointments to save time and effort while researching neighbourhoods and houses. Social media has also made it possible to easily connect home buyers and sellers, making it easy to compare offers and avoid getting trapped between bidding wars.
3. Prepare a budget for housing and other expenses
Upon shortlisting neighbourhoods and houses to choose from, setting a budget is the next step. Have a budget for housing expenses to be used for maintaining or improving roofing, HVAC systems, and design (i.e. heating, ventilation, and air). Don’t forget to also have a budget for personal expenses, such as family needs and health concerns. After having a budget for housing and personal needs, make room for property taxes and homeowner’s insurance.
4. Save beyond the expected costs
When it comes to buying a house, savings are the first to be easily depleted. It’s important to save beyond the expected costs and the down payment so you can be financially secure even when the unexpected happens. After setting a budget, make sure to have a healthy amount of savings enough to cover at least six months of bills and essentials.
Make 2022 the Year to Welcome Your New Home
It’s never too late to buy your dream home. With these predictions and tips, let 2022 be the year you achieve your goals as a home buyer.
For more assistance, get a free consultation from the buyer’s agents at Buying Perth Real Estate. These experts have vast experience in real estate and they can definitely help you find the best property options. Contact Clive at email@example.com or give us a call at (08) 6215 0200 or 0412 926 190.