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Our REALTORS® have been getting many questions about what to expect from the housing market in the coming year. No matter whether you're interested in Mansfield or Ashland homes for sale, there are plenty of opportunities.
The big question on everyone's mind is how financing will change in 2022.
Over the last year, many places in the country have seen home prices skyrocket. Homeowners have had the chance to attract abundant attention, with many homes receiving competitive bids from multiple buyers at once. As a result, quite a few homes have sold for well over asking price.
The key to all this is the large number of buyers. Last year was unique because low interest rates prompted many buyers to jump into the market when they might otherwise wait instead. Combined with investor and "flipper" activity, buyers far exceed the available housing stock in many areas.
These conditions have actually lasted far longer than many experts predicted. However, it's a sure thing that they won't go on forever. In 2022, we can expect some changes in how financing a home will work. This will have the biggest impact on first-time homebuyers and those with less income.
No one can possibly foresee the future. However, several key trends are pointing in some specific directions. The more you know about the housing market going in, the easier it will be to realize your plans to buy without going over your budget.
Let's take a closer look at how financing a home will evolve in 2022:
Contact us today to get started or find out more about your Ohio real estate opportunities.
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