In fact, we’ve already seen that trend occur in many markets due to the housing issues we’ve faced over the last two years. If this happens, it will likely cause a big uptick in the average monthly cost of mortgage payments in certain markets across the nation. Purchasing a home will become even more expensive if predictions of rising interest and mortgage rates from inflation materialize. In fact, future homebuyers could be in for a surprise as home prices are expected to stay high until well into 2022.
But while things may cool off a bit more over the next few months, the slower housing market pace may not translate to cheaper home prices. That said, there are signs that some of the frenzied home buying has started to slow. Most markets are still experiencing severe housing shortages-and while there have been bids to build more housing, the ongoing supply chain issues have made it nearly impossible to meet the increased demand. We’re now nearly two years into the global pandemic, but thus far, the frantic home-buying trends we saw at the start of the public health crisis have persisted.
#Average mortgage payment in colorado free#
Buyers, suddenly free to work from any location, began snatching up homes in nearly every market and leaving housing shortages and vastly increased home prices in their wake. What started with an uptick in buying after mortgage rates fell to record lows quickly became a home-buying frenzy as the shift to remote work took hold. From tiny coastal towns in Maine to massive California metros, the national housing market has been roaring since the start of the pandemic.
0 kommentar(er)
