With the drop in employment in 2021 due to the COVID-19 outbreak, we have seen a lack of funds for building new housing in the housing market.
As the demand for housing rises, the cost of building supplies also rises. In the year 2022, we can expect the inventory in housing to remain tight. While interest rates will more than likely rise, this may also help to balance things out with potential buyers in the housing market.
So basically, we can expect things to stay the same for renters and if you are buying, you may see higher interest rates, but these rates will not sky rocket. The lack of homes on the housing market keeps rates high when it comes to purchasing a home.
We can expect that the rise of these things will be gradual in the year 2022. Whether you are renting, selling, or buying, the housing market can still be unpredictable in 2022 as we bounce back from COVID-19. Make sure to keep an eye on the ups and downs of the housing market and do your research before you act on any proposal.
