Unprecedented. Has anyone used that word to describe the past two years yet? We joke, but it aptly describes the real estate market during the first two turbulent and unpredictable years of the new decade. Depleted inventory, skyrocketing home prices, record low mortgage rates, and intense competition all factored into a booming and busy year for the industry. As we turn our attention to the new year, many experts are asking: Can this be sustained? Or will things start getting back to what we’d define as normal?
While no one can know for sure what the future holds, we can look at the trends and current trajectory to offer our best guess. In short, many experts agree that 2022 will likely see the market begin to normalize thanks to price growth starting to taper down. Still, while buyers may benefit from less frenzy, we can expect to see even more growth in home sales, according to a variety of industry economists. As we look ahead to 2022, we can continue to expect a wealth of positive news from the housing market. With a continued streak of low mortgage rates, high demand from first-time millennial homebuyers, and the rise in remote work opening up more opportunities, home sales will remain strong.
The SoftPro team has been reading the 2022 forecasts and anticipating what they mean for our industry and our customers. We've rounded out five key trends to watch for in 2022, focusing on housing inventory, home prices, mortgage rates, digital tools, and the continuation of remote work. And as always, the SoftPro team will continue to keep our ear to the ground, tracking the latest developments for both our clients and the industry as a whole.