2021 was a banner year for housing, fueled by record-low interest rates, strong demand, and a low supply of homes.
You may be wondering if you are late to the party, or if it’s still a good time to purchase. Experts expect demand to increase over the next several years as more millennials turn of age to buy a home. At the same time, inventory is expected to remain extremely tight.
Builders are struggling to deliver homes with labor and chip shortages, as well as supply chain disruptions. Like any market, strong demand and tight supply are very supportive of home prices.
Additionally, interest rates are still extremely favorable, even though they have moved a bit higher from record-low levels, due to some inflationary pressure.
If you are considering purchasing a home, conditions are a bit challenging because of low inventory, but the rewards can be substantial, as the housing boom is expected to continue.
Contact a local advisor to see the opportunity you have in becoming a homeowner.
Source: MBS Highway