Posted by Apex Home Loans ● January 5, 2022

The Housing Market Shows No Signs of Slowing this Winter

A realtor displaying a sign that says "sale pending" in front of a home.

In today’s market, people have a strong motivation to purchase a home due to low mortgage rates and the change in home needs. Over the past few years, many people have found that they need more space due to adjustments from the pandemic. As a result, countless Americans are on the move, creating a winter market like no other.
Now that we are in the winter season, experts are chiming in on the movement in the current market and giving insight on what we can expect in the beginning of 2022. Let’s take a look at what industry experts are saying:

“So far in November, purchase applications point to another strong month in sales. Still low rates and demographic demand support this strength, even as affordability and inventory headwinds remain," said Odeta Kushi, Deputy Chief Economist, First American.

“This solid buying is a testament to demand still being relatively high, as it is occurring during a time when inventory is still markedly low. The notable gain in October assures that total existing-home sales in 2021 will exceed 6 million, which will shape up to be the best performance in 15 years,” said Lawrence Yun, Chief Economist, National Association of Realtors (NAR).

“Strong demographic demand will continue to act as the wind in the housing market’s sails,” said Mark Fleming, Chief Economist, First American.

“The demand for housing in the United States has reached a fever pitch, a trend that opposes the norm of this time of the year when the market cools as the winter months set in,” said The M Report.

 

What We Should Expect in the Winter Housing Market

Since we had strong momentum coming out of the fall season, experts believe we are going to see a strong winter market, which was unheard of before COVID. This is because there are still several homebuyers competing for the same home. Most of us thought this abnormal market was going to stay in 2021, but it is likely to carry through 2022. 

 

Bottom Line: 
If you are ready to buy a home and are waiting for the housing market to slow, don’t. Experts say it’s hard to know when the market will go back to “normal”, but experts say there’s no signs of it slowing this winter. Trying to time the market could mean that you’re stuck in your current living situation for much longer than you may anticipate. If you’re ready for that extra space, connect with our team today to explore your homebuying options! Our team of experienced Mortgage Bankers are standing by to analyze your unique financial picture and goals to match you with the perfect mortgage. We can’t wait to get you started on your journey to homeownership!

 

Contact Us 

 

Topics: Mortgages, Winter Home Tips, Market Timing, First Time Homebuyer, Homebuyer Tips, Mortgage Rates, Housing Market, Buying a Home, Market Outlook, Homebuyer, homebuying process, Buying Home During COVID-19, Mortgage for Millennials, Pandemic Home Buying

Comments