Throughout the pandemic, the housing market took a hit. It's been a whirlwind. In 2021, we continued to see a crazy market here in the real estate world. We've seen a change in what people are looking for, what areas are becoming more and more popular, and not to forget the pricing. With incredibly low mortgage rates, it comes as no surprise that people were jumping to buy a home. However, this easily fed into the housing shortage due to supply chain shortages and an already low inventory of housing. We've seen home prices raise due to the demand, and renting prices did just the same thing. We haven't seen too much change in the inventory, as there is still a very high demand and a relatively low inventory.
So what are we predicting to happen in 2022?
We're seeing, first, a continual rise in home sales as we go into the new year. We will also see a gradual uptick in mortgage rates, making affordability a major concern and one of the first things that home buyers will be loo. ...