1. Increased interest in renovation loans.
Where limited inventory is available, renovations (and the loans for them) are becoming the more desirable option! In the first quarter of last year, estimated growth for remodeling spending exceeded the Leading Indicator of Remodel Activity (LIRA) expectations. This year, the LIRA’s prediction for renovation and repair growth is set at 4.8% by the first quarter of 2022. Contact your local lender to see what you qualify for!
2. Housing inventory will be up.
2022 could breathe new life into the housing inventory! According to the Home Buying Institute, reports from the second half of 2021 (September) already began to show higher inventory. Buyers have had more properties to choose from as a result of this ongoing inventory growth. Equally inspiring, economists like the NAR’s Lawrence Yun, said the market may have a shot at balancing back to normal in 2022.
3. More Gen Zers entering the market, adding demand for homes.
“Gen Zers” (those born between 1997 and 2012) are now entering the market and buying 2% of homes. That’s on pace with the “Silent Generation” and makes them a potential force in the housing market for coming years. Overall, this newest home-buying generation is ambitious, financially savvy, looking for stability and very interested in owning their own homes. Gen Zers generally look for lower-priced homes in affordable areas, with down payments around 5%.
Contact us if you have any questions about buying or selling your home this year.