Are you in the market for a new home? If so, you’ll want to stay ahead of the trends and be prepared for what’s to come. The housing market is constantly changing, and it can be tough to keep up with the latest news and advice. Here are some of the most prominent homebuying trends of 2022:
People are buying second homes before their primary residence.
Due to COVID-19, many workers are no longer tied to the current cities that they live in, which means that they can maintain jobs in big cities while finding less expensive places to live in other parts of the country. These areas are major investment opportunities for those who want to rent it out to tenants who travel, which are now more ubiquitous.
If you are buying a secondary home before your primary home, you need to be prepared to put a large chunk of money down. Most investment properties will require that you put around 20-25% down as opposed to the 3.5% that you would be required to put down for a traditional mortgage.
Buying a home may be more affordable than renting.
The gap between the cost of renting and buying has been narrowing in recent years. This is most likely due to the fact that many would-be buyers are opting to rent until the market cools down a bit before purchasing a home.
If you are considering whether or not to buy a home, we recommend that you consider all of the costs that are associated with homeownership. These include mortgage payments, property taxes, homeowners insurance, and maintenance costs. Maintenance costs can be especially tricky to predict, so it’s important to budget for them accordingly.
The demand for more space will continue.
Both inside and outside, people are wanting more space. This is evidenced by the popularity of open concept floor plans and the increasing trend of home demolitions in order to build larger homes. Another reason for this trend is that many people are now working from home, which means that they need more space to spread out.
If you are in the market for a new home, you should get in touch with homebuilders in your area. They will be able to tell you about the latest trends and help you find the perfect home for your needs.
The market is going to cool down.
After years of rapid growth, the market will likely begin to cool off in the coming years. This is due to a number of factors, including rising interest rates and the increasing cost of housing. While there is an increased demand for rental properties right now, this demand is not sustainable in the long run.
Remember this when considering when and where to purchase a home because, as the market cools down, prices will drop. If you are patient and wait for the perfect opportunity, you could get a great deal on a home.
Buyers are making compromises.
In this competitive market, buyers are often forced to make compromises in order to get the home that they want. This may mean accepting a longer commute, living in a less desirable neighborhood, or agreeing to a smaller house with fewer of your requirements.
If you are looking for your dream home, it’s important to be flexible and willing to compromise on some of your wants and needs. You may not get everything that you want, but you’ll still end up with a great home in a great location. When you are looking for a home, you should be prepared to compromise based on the 80/20 rule. In other words, focus on 80% of the home qualities that are things you must have and allow the remaining 20% to be a compromise.
Homebuying is going to cost you more than money.
One major characteristic of contemporary homebuying is that it is also time-intensive. Between touring properties (since listing photos can be deceiving), getting your finances in order, and negotiating a deal, buying a home can take up quite a bit of your time.
If you’re not prepared for this, it may be wise to reconsider buying a home. Remember that this is an investment and that there are other things in life that are more important than owning property. If you don’t have the time to invest in this process, it’s probably not the right time for you to buy a home.
There will be more mental health orientation.
A major trend in the homebuying market for 2022 is that there will be more homes with a mental health orientation. This means that the design of these homes will take into account the amount of natural light, open flooring, and outdoor spaces that are necessary for mental health.
If you are looking for a home, expect to see minimalism in common areas, lots of plants throughout the home, and lots of large south-facing windows that let in natural light to home offices and common spaces. These homes are designed to promote productivity, relaxation, and a general feeling of well-being.
Housing affordability will be all over the map.
In 2021, mortgage rates dipped below 3% in some parts of the country. In 2022, however, experts predict that these rates will climb in the coming years. This means that housing affordability will be all over the map, with some parts of the country becoming more expensive and others becoming more affordable.
If you are still interested in buying a home, be sure to consult with a real estate agent. They will be able to help you navigate these waters and find the perfect property for your needs. And remember, always do your research before making any big decisions!
Looking for a new home in Chicago?
If you’re looking for a new home in Chicago, now is a great time to start considering your options. Here at Swinden Homes, we have a number of beautiful properties that would be perfect for you and your family.
Be sure to check out our website to see the homes we have for sale or give us a call today to learn more! We would be happy to help you find the perfect home for your needs.
