2020 brought some of the craziest residential real estate trends we have seen in decades. Skyrocketing prices, bidding wars, and appraisal contingency waivers were more common than traditional sales. This means that most buyers paid more than a home was worth and were fighting to do it!
Now that we are halfway through 2022, what should you expect from the residential real estate market? Will the crazy high prices and bidding wars continue?
Summer 2022 Real Estate Predictions
As much as most people hoped real estate prices would plummet when demand lowered and interest rates increased, that’s not the case quite yet.
Inflation and still high demand have made prices remain high. Realtor.com economists predict existing median home prices to be 6.6% higher than last year if that tells you anything. The good news is, though, inventory is greater. This means you have more choices when you are ready to buy a home.
What Will the Rest of 2022 Look Like?
No one has a crystal ball, but experts believe for now that inventory will continue to increase. This puts the market in favor of buyers rather than sellers. Since sellers have had the upper hand for the last year or so, this is quite a change.
With new home building decreasing because of higher prices, most buyers will have to look at existing homes, but won’t face the bidding wars buyers faced over the last year.
With interest rates on the rise, it makes it harder for buyers to afford what they want. Adjusting your expectations and sticking within your budget can help you find your dream home.
Getting Financing for your Home in 2022
At Texas Republic Bank, we offer a large selection of home loans to help make buying a home more affordable for you.
We offer the traditional conventional loans that are for borrowers with good credit and a low debt-to-income ratio. But we also offer tailor-made loan solutions to fit each borrower’s needs. We are a locally-owned bank, so we have programs that no other bank has. We use common sense when underwriting loans and figuring out what our borrowers can afford.
If you are still in the market to build your own home, we also have construction loans that allow you the financing to build and then live in your home.
Each of our loans offers the most competitive rates and fees. We care about our borrowers and want you to be able to comfortably buy a home no matter what the residential real estate trends are right now.
Do not let the latest residential real estate trends scare you away from buying your dream home. There are ways to buy a home and stay within your budget. At Texas Republic Bank, we are here for you every step of the way.
Whether you fit the ‘conventional mold’ or you need a more tailored option to fit your budget and qualifying factors, we can help. Contact us today to see how we can help you make your dreams of homeownership in 2022 come true.