How Omicron Could Affect Homebuying in 2022
Despite the lingering threat of Omicron and the potential for more variants of COVID-19 in the future, buyers and sellers refuse to be deterred after a year of daunting price accelerations and supply shortages, reports Realtor.com. Though infection rates are spiking across the U.S., sellers are still seeing a wave of pent-up demand from buyers who are, quite simply, tired of waiting.
During the first wave of the novel coronavirus, buyers enjoyed the flexibility and safety of virtual home touring, a trend now commonplace and more efficient for out-of-state buyers. Those looking to buy a home also face the urgent hazard of rising mortgage rates, so competition is likely to increase at the start of 2022 as demand increases nationwide.
“We’ve had a year and a half to practice virtual tours and marketing,” says Norman Miller, a real estate and finance professor at the University of San Diego. “We’ve taken some of the fear out of the process.”
To succeed in early 2022, buyers will need to bring their A-game and start preparing now. This means making sure you have a current mortgage pre-approval (they expire over time), watching interest rates closely, and getting ready to pounce once your dream house appears.
While many experts anticipate that omicron will be more of a blip than a bomb on this year’s real estate forecast, the one real wild card is whether more variants are on the horizon.