LK Marketing and Real Estate

The 2022 real estate market begins where 2021 left off, in which existing
home sales reached their highest level since 2006, with the National
Association of REALTORS® reporting sales were up 8.5% compared to the
previous year as homebuyers rushed to take advantage of historically low
mortgage rates. Home sales would’ve been even greater were it not for
soaring sales prices and a shortage of homes for sale in many markets,
forcing a multitude of buyers to temporarily put their home purchase plans on
hold.

For many buyers, 2022 marks a new opportunity to make their home purchase
dreams a reality. But it won’t be without its challenges. Inventory of existing
homes was at 910,000 at the start of the new year, the lowest level recorded
since 1999, according to the National Association of REALTORS®, and
competition remains fierce. Affordability continues to decline, as inflation,
soaring sales prices, and surging mortgage interest rates reduce purchasing
power. The sudden increase in rates and home prices means buyers are
paying significantly more per month compared to this time last year, which
may cause sales to slow as more buyers become priced out of the market.

Info provided by kcrar.com