Never before has real estate seen the roller coaster as experienced in the last two years. What seemed as a downward slope is now a surge in housing demands. When construction costs spiked, and supplies were nil, renters turned new buyers became a true demand. Rents have sky-rocketed where people can now purchase homes in lieu of renting.
With such a positive impact on the economy and especially with interest rates below five percent, housing demands are in full force. Folks are wanting newer, more economical housing, while families are either requiring more space to live, or downsizing to accommodate their financial status.
Experts in the financial industry believe as long as there are no sharp increases in the market, the economy can handle and absorb the change. Local employment in Boone County MO remains strong although those few who did mostly who lose their jobs were renters. Homeowners will continue to stay strong, provided there isn’t a World War III or a national melt down.
Forecasts for 2022 home sales will decline due to the lack of inventory on the market. Home sale prices will continue to show an increase. Small acreages will be more in demand with growth, however, working from home is seen as the trend, with broader internet capabilities creating more employment opportunities. Low interest rates will provide the impetus for affordability in this housing market.