Will things continue to get worse?
Thanks to President Biden’s policies, supply shortages and the COVID-19 pandemic, the housing market in America has been a rough one for people looking to buy their first homes.
While the mortgage rates were very low, supply shortages brought an insane level of unneeded competition and it resulted in the costs of homes in America to skyrocket.
President Biden addressed the sky high home prices a number of times since taking office and vowed to do something to lower the cost so Americans could get homes for themselves but little was done.
Thankfully, 2022 could be good news for Americans trying to buy a home.
According to Fox News, chief economist at the National Association of Realtors (NAR), Lawrence Yun, is now claiming that Housing supply and demand is expected to become more stable and will decrease competition since more Americans will have more options to purchase homes.
Yun stated, “Movement toward balance is a good thing for both the buyers and the sellers. Buying a home is such a major expenditure, people don’t want to be rushed.”
Yun further noted, “Last year, we had too much demand and not enough supply, but in 2022 I suspect that things will move toward a more equilibrium state.”
He added that home builders have a huge motivation right now to build more homes to meet the demands of Americans.