The arrival of the COVID-19 pandemic led to unexpected sky-high property prices and unprecedented growth, based on data from the National Association of REALTORS® (NAR) and second home specialist Pacaso. Here are five of their top housing market observations for the remainder of 2022:
Home financing is more flexible.
NAR found that 96% of homebuyers had their mortgage applications approved in 2021 because, in part, home financing guidelines were approving more potential buyers.
First-time homebuyers are trending.
Homebuyers purchasing for the first time made up 31% of all buyers in 2021 who traded in their rental for homeownership.
Buyers see real estate as the best investment.
About 42% of homebuyers believe that real estate is a better investment than stocks.
Home prices grew astronomically.
Pacaso found that the cost of primary homes grew by 134% between January 2020 and January 2022 alone.
Demand for second homes took off.
NAR findings revealed that demand for second homes nationwide grew by an astounding 99% between 2015 and 2020.
