The real estate market in 2021 was a wild rollercoaster ride for the involved players – buyers, sellers, and renters. It was a ride full of twists, turns, and upside-down, due to the COVID outbreak. However, things are stabilized now, and the real estate market seems to have brought some good deeds for the players. The market could ease up a little – especially for first-time buyers – and you should consider reading this post if you are interested. We will reveal the top trends that will dominate real estate in 2022. Keep scrolling to know these trends.
Top trends in the real estate in 2022:
Real estate analysts expect that the market will be comparatively soft for first-time buyers. Navigating to buy a house or apartment is easier when you know about the top trends that analysts expect to happen this year. We have pinned together these trends for you, and if you have planned to purchase your first apartment, it would be best to go through this post before your final decision. Let us begin!
1. Housing affordability issues will mix:
2021 was the year where mortgage rates dipped below 3%, and so did the listing prices. However, 2022 would be different as the COVID is almost over, and experts predict that both the mortgage and housing prices will go up. However, the silver lining is that the economy will also boost, propelling income growth for home buyers.
Real estate experts expect it is no less than a “good news/bad news” dynamic this year. Being a buyer, it would be best for you to search for lenders with low prices and low fees and apply for mortgage pre-approval to secure your house or apartment and save money on the transaction.
2. The outlook for buyers may improve:
The year 2022 will bring a better outlook for buyers, but it will remain a seller’s market as expected by the analysts. The number of houses will increase this year (inventory), and the market will rebound from the 2021 lows. Experts take the market pulse by calculating the number of days an apartment is on the market.
It is reported that houses or apartments take less time than before to sell out, making it a sellers’ market. If you take your time and search for a better place, you will find plenty of gems. Are you looking to purchase an apartment at a prime location? Consider exploring apartments for sale in Jumeirah village circle!
3. First-time buyers scoop up second homes:
Another trend in the real estate industry in 2022 is that first-time buyers like millennials and Generation Z are interested in purchasing “second homes.” They will do so before investing in a primary residence. Do you know why? Well, here is the answer! Remote working has forced this generation to move into more affordable destinations.
Moreover, Gen Z is not ready to move full-time to a particular place due to the remote working trend. They tend to own a temporary vacation house where they can build equity and think about a permeant residency.
4. Buying a starter home is more affordable than renting:
It is obvious that renting has always been more affordable than purchasing a unit or apartment. However, the trend is changing, and you should pay attention to what is coming next. In some areas, the demand for rental properties increased to a larger extent, which led to higher rental charges. In these areas, buying a starter house could be more affordable, according to property analysts.
However, one thing that will never change is the expenses you bear when you buy a house. “A renter is not typically paying to cut the grass, shovel the snow, or dispose of the garbage,” – says Jorge Rivera, Regional SVP for Williams Raveis Mortgage. “They are also limited in repair costs,” – she further adds.
5. Demand for more space will rise:
The new construction homes are getting bigger, owing to the increasing demand for more space in the previous year. The COVID outbreak sparked this trend as people were forced to work from their homes while respecting the SOPs. People traded dense urban areas for sprawling suburbs as they sought more space in their units.
Being a homebuyer, it would be best to look for a unit with more light and lots more indoor and outdoor flow. Do you want to move into a spacious apartment with state-of-the-art amenities? Consider exploring apartments for sale in the Jumeirah village circle today to make a wise choice!
Live in your dream house today!
It has always been your dream to purchase a luxury apartment at a prime location. Now is when you can live this dream, but you should go along for the hunt. Consider hiring professional property developers to help you find the best spot and unit at affordable prices. Consider hiring them!
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