WebsiteCompass 3 The housing market is always changing, depending on many factors including people’s needs and the state of the economy. Whether you’re buying or selling, here are the trends to watch for in 2022. Understanding Current Real Estate Trends Sellers’Market Limited inventory means buyers are competing more than ever and should be prepared to compromise on features or offer more than the asking price. Rocket Homes offers advice on getting your offer accepted at rockethomes.com/blog/ home-buying/how-to-get-offer-acceptedin-sellers-market. Rising Prices While the rate of rising home costs has slowed, prices are still going up. Sellers can make a nice profit and should wait for the right offer to come along. Low Mortgage Interest Rates Mortgage interest rates fell to record lows in 2020 and 2021. They’ve been rising in 2022 but are still low enough to push some home buyers into the market who might have felt they couldn’t afford a mortgage before. Online Real Estate Services Like most other things these days, real estate services can be found online. They include third-party buyers such as Opendoor (opendoor.com), virtual agents, and mobile or online closings. Alternative Buying Options The conventional home-buying process may not work for everyone. In those cases, buyers can rent to own or consider a down payment loan. Smaller Cities High housing prices in major cities can be avoided by looking further afield. Smaller cities often provide many of the same amenities and conveniences but with smaller home prices. MoneyGeek offers good examples at moneygeek.com/living/ best-mid-sized-cities-for-making-a-living. Flexible Space Homebuyers are looking for rooms that can serve more than one purpose, such as a basement room that can be an office during the week and a playroom on weekends. Home Features That Support Mental Health If the years 2020 through 2022 have been rough for you, you’re not alone. The challenges we’ve faced, along with the stay-at-home habit some people continue to maintain even as the pandemic recedes, have prompted homebuyers to look for features that support mental health. They include: • Spa-inspired bathrooms. A freestanding bathtub can raise a home’s sale price. • Meditation rooms. Such rooms don’t need to be large—just out of theway of the heaviest traffic zones in the house. • Reading nooks. They can be placed in a room or a hallway with shelving to store favorite volumes. • Exercise areas. Exercise raises “happiness hormones” and contributes to physical fitness, which can boost emotional well-being. • Natural light. It can help people feel happier, especially in the winter months. Plus, natural light nurtures another great mental health boost —house plants. • Pet features. These might be fenced-in yards, dog houses, dog runs, custom feeding stations, and “catios.” While“home sweet home”is great,“home calm home” can be even better.
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