More properties became available as the spring home buying season heated up in 2021. There were also more people in the market to buy a home, creating very stiff competition and raising prices across the board. In 2021, home inventory was tightest at the lower end of the market. While the inventory levels are expected to improve in 2022, it isn’t expected to increase by very much.
Many home buyers are looking to get into the market when inventory is low. If you are part of that group, you may want to take a look at getting pre-approved for a mortgage. With a pre-approval, you’ll know what you can afford before starting the process. Plus, a pre-approval letter indicates that you’re a serious buyer. Sellers will frequently give more consideration to offers that are from a pre-qualified buyer. You might be closer to being able to afford your own home than you think! Feel free to reach out to Scott Bennett at 503-703-4699 or sbfreedom@gmail.com to talk about your current situation.