REAL ESTATE TRENDS IN 2022
Real estate Trends in 2022
The real estate market was like a wild rollercoaster ride for property buyers in 2021. Real estate specialists project more twists and turns this year but with a more favorable market for first-time buyers. The following are the trends that will likely characterize the 2022 real estate market:
Priority for natural light
In 2022, wellness designs will be a dominant feature in most homes. The designs will include meditation rooms, spa-inspired bathrooms, and indoor plants. Natural light will also be a top priority in living rooms and home offices.
‘Second homes’ over primary residences
The current generation of buyers (Millennial and Gen Z buyers) are savvy watchers in the market – they tend to be more interested in buying what would conventionally be regarded as ‘second homes’ before going for a full-time residence. The prevalence of remote work enables these generations to live outside the big cities where housing and other utilities are more affordable.
In 2021, lower mortgage rates helped counterbalance the high listing prices for homes. Experts predict that mortgage rates and market prices will go up this year. However, individual income is likely to rise, making home affordability a mixed bag.
High demand for more space (outside and inside)
COVID 19 led to the movement of people from the urban areas to the sprawling suburbs in search of more space. The suburbs will, as a result, continue to be in high demand as new construction homes also get bigger.
Home-buying will consume more time
In today’s fast-paced market, home-buying calls for proper budgeting and sound decision-making. Potential home-buyers have a wide array of quality options to choose from. The average first-timer tours 20 or more houses before making their final decision.
In conclusion, the above trends will likely shape the real estate market in 2022. With the above in mind, buyers can better navigate purchasing a home and get value for their money.