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Spring Housing Market Update: What to Expect When Buying a New Home

April 19, 2022
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Real estate markets constantly change, responding to larger economic forces, but the last two years have completely roiled the housing industry from coast to coast. For new home buyers, the challenges have included ongoing supply chain issues, rising home prices & interest rates, and complications getting pre-qualified for a mortgage. 

 

If you’re going to be searching for a new home in 2022, here’s what you need to know.   

– Supply Chain Issues. Shortages and volatile lumber prices continue to complicate the housing industry, adding weeks to building timelines. Building material prices have risen 18.8% since December 2020, and everything from appliances to the smallest pieces of pipe has become even harder to come by as the global supply chain issues continue. Builders are doing what they can to keep things moving. 

 

– Availability. Lack of inventory has driven up demand for new housing. (The market is so tight that homes go under contract in a matter of days.) The housing market was particularly robust in 2021, with high demand for homes in almost every area of the nation. This trend is continuing in 2022. Market predictions indicate that while inventory will remain tight in 2022, price appreciation will be slower. 

 

Mortgage Rates & Home Prices. Low mortgage rates (combined with tight inventory) created a red-hot housing market. Even with rising interest rates, home sales are still predicted to reach a 16-year high. Over the past year, national home prices have increased by nearly 20%. Affordability remains a concern, as home prices and interest rates continue to rise.

 

What to do when you’re ready to buy

 

When a new home comes on the market, there’s usually no time to waste. Be sure you are prepared by:

– Having your financing and priorities in order — mortgage pre-qualification, financial paperwork, and your list of wants & needs. (This is no time for disorganization or indecision!)  

 

– Joining interest lists. (Once homes are released they go FAST. The earlier you join, the better chance you have!)  

 

Sego Homes is working diligently to release new homes in Daybreak. Browse our communities, find the floorplans you’re most interested in, then contact us to join our interest lists and be the first to know when they are available!

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