Over the past few years, housing inventory has been low and the number of people looking to buy has been high. The result was a strong housing market that resulted in high home prices and steep competition among those buying. While 2022 does look to be another strong year for the housing market in Florida, it is also helpful for one considering buying or selling a home to know what experts predict for the rest of the year.
What to expect in the coming year
Most real experts believe that mortgage rates will rise over the course of this coming year. While interest rates have held at historically low rates, it is not expected to last. Other predictions for the 2022 housing market include:
- Home price growth may return to more normal levels, possibly around 5% by the end of the year.
- Buyers with lower interest rates locked in may find themselves facing steep competition as those locked-in rates may expire.
- Buyers will still find it difficult to find homes as there will continue to be lower inventory and higher home prices.
Other factors, such as pandemic-related safety concerns and remote work, could also affect how buyers and sellers navigate the market this year.
Help at every step
It is prudent for one considering buying or selling a home in Florida to know what to expect. It may be helpful to work with an experienced real estate attorney when making important decisions that could affect one’s financial future. Having this guidance may help one make purchase or sale decisions that are practical long-term.
