It’s no secret that the housing market in 2021 has been surprising, to say the least. We’ve seen nearly record low mortgage rates, lower than normal inventory, and increasing home prices that continue to climb! As we look ahead to the coming months and into 2022, we expect to see small changes that appear promising for both buyers and sellers.
Experts in our field are optimistic for the near future of the housing market, and here’s why. For starters, and perhaps most encouraging to note, is the continual improvement in our economy! A healthy, growing economy is good for everyone, boosting confidence for buyers and sellers alike. We are especially grateful to see Fort Worth and the surrounding communities coming back to life and thriving!
Another important factor is the increase in inventory! It will take a while for supply to catch up to the demand, to be sure. However, new construction has gone up by almost 30% from last year, and more listings appear every week. Though home appreciation will likely continue to climb (good news for those wanting to sell), the influx of homes for sale in Fort Worth will help moderate this, allowing more options for the home buyer.
What about those historically low mortgage rates? Experts expect them to rise yet remain lower than average. For example, a 30-year fixed mortgage is expected to average 3.4% by the end of this year, with an increased average of 3.8% by the end of 2022. This minimal increase in rates will also contribute to slowing the growth of home prices...more good news for buyers!
What does this mean for you? The market will continue to favor the seller, but will ease up a little on those looking to purchase a home. If you’re wanting to buy but have been waiting in hopes that prices will go down, it’s important to note that it may not be best to wait. While price increases are expected to slow down, prices and mortgage rates will most likely continue to rise, so consider making your move sooner rather than later!
Though these expected changes seem minimal, we are encouraged and hopeful for what lies ahead! Please reach out to us-we are more than happy to help you navigate the market now and in the coming months! As always, we are here for you and #ReadyToServe.