Outstanding Homes In the Savannah area

The real estate market has emerged as a boom for sellers and a source of worry for buyers in the middle of this epidemic. Home prices have been increasing in the mid-single digits for many years. Recent double-digit price rises reflect the convergence of exceptional demand and chronically low supply. Prices are increasing as a result of enough money on the sidelines and very low mortgage rates.

According to Freddi Mac's latest forecast, house value growth in 2022 will be less than half of what we've witnessed so far this year. The increase in house price growth will be less transitory than the increase in consumer prices, as the U.S. housing market will continue to struggle with a shortage of available housing for many months to come.  Growth is expected to slow to 7 percent in 2022.

According to the Morgage Bankers Association (MBA), the average rate on a 30-year fixed loan could experience a gradual increase going into 2022. Even with a slight rise, rates are expected to stay low. The MBA also forecasts that mortgages for home buying will rise by 9%.

Being aware of market trends is important, but each person should make a decision based on their own goals and circumstances.