2022 Housing Trends To Have One Big Hurdle

After 2021's housing market in the Oklahoma City Metro area was hectic, many are wondering what 2022's trends will be.

2021 saw low interest rates, many incentives for home buyers and houses were flying off the market. 

Many people may be wondering if that will continue into 2022.

News 9 spoke with Emilykaye Mitchelson, the Vice President on the Board with OMAR.

She said 2022 is going to be very similar to 2021, but there is going to be one hurdle that really stands out this year, which is inventory.

"Now we are seeing a few more challenges with inventory.

The demand is still there for people to either get into a home for the first time, or if it is the right size or just buy that right home.

We will continue to see that in 2022," said Mitchelson.

Mitchelson said the trend of multiple offers on homes will likely continue and she expects more opportunity for sellers this year.

"The demand will outstrip supply that has been a continuing situation. We will continue to see multiple offers."

On a positive note for buyers, right now she said interest rates are historically low.

She said that even if they increase a little bit this upcoming year, they are still very low, which is a major benefit.

And with inflation causing the price of most everything to go up, she said that once you buy a home it will gain value over time.

"It's important to go ahead and get into a home because homes are beginning to appreciate, which increases your net worth,” Mitchelson said.

She said buyers who are feeling discouraged should get creative and ask around to see if friends are selling or know of someone selling.

So, who is the right candidate to purchase a home? 

Mitchelson said as long as you have the money for a down payment and can work with a lender, you are in a good spot. 

She said to shop around and find a good lender, a good realtor who can help you make decisions and to find the right home in your budget. 

Will a new home cost more? According to the National Association of Home Builders, it might.

According to a recent post over the past four months, lumber prices have nearly tripled, causing the price of an average new single-family home to increase by more than $18,600, according to NAHB standard estimates of lumber used to build the average home.

Mitchelson said it's ok if you must get a little less house than you originally hoped for because you are going to be adding value to your future purchasing power.

"It is important to go ahead and get into a home because homes are continuing to appreciate and increase your net worth," said Mitchelson.