Graham Stephan about Housing Market: My MOST Surprising Call
I had a call with @GrahamStephan about the housing market in 2022. Here is what he said.
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The housing market exploded like fireworks last year—and many of those sparks may continue flying in 2022. Last year - an outstanding year, with record low-interest rates, the strongest yearly growth in single-family home prices and rentals, historically low foreclosure rates, and the highest number of home sales in 15 years.
The current trends and the forecast for the next 12 to 24 months clearly show that most likely the housing market is expected to stay robust, with many of the trends that propelled real estate to new heights last year remaining firmly in place this year as well. Last year, homeowners saw a market in which their properties sold quickly and frequently above the asking prices, as numerous home buyers fought for the winning bid.
The housing market is coming off a year in which home prices in the United States increased by an unsustainable 18.8%. Will the market continue to grow at this rate or will it be a little less frenetic this year? The housing market is even tighter now than it was prior to the spring 2021 housing frenzy. Even industry titans like Zillow increased their bullishness in January, increasing their projected home price growth rate for 2022 up to 16.4 percent.
But interest rates are going higher. So maybe that will stop the growth of the housing market? According to Bankrate, as of April 1, 2022, the national average 30-year fixed-mortgage rate is 4.90 percent. A month ago, this rate was 4.21 percent.
One of the primary challenges that investors and buyers will need to address this year is rising interest rates. The first of seven interest rate hikes scheduled for this year has already occurred. According to the Mortgage Bankers Association, rates on 30-year fixed-rate mortgages are likely to hover around 4.5 percent by the end of this year.
Will the Housing Market Crash in 2022?
Despite the Interest rate increases, it’s pretty unlikely that the housing market will crash in the next few years. Experts say the current market is way different than how it was around 2008–2010—the last big housing bubble. Here’s why:
Mortgage providers now have stricter lending rules to help prevent defaults caused by risky subprime mortgages.
The housing supply is still super low and probably won’t catch up for a few years—so there’s little to no danger of home prices dropping like a rock.
is healthy - is 2022 a good year to buy a home?
No matter what’s happening in the market, you’re only ready to buy a house if you meet these qualifications:
You’re debt-free.
You have an emergency fund of three to six months of expenses.
Your monthly house payment will be 25% or less of your monthly take-home pay.
You have a 10–20% down payment.
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*None of this is meant to be construed as investment advice, it's for entertainment purposes only. Links above include affiliate commission or referrals. I'm part of an affiliate network and I receive compensation from partner websites. The video is accurate as of the posting date but may not be accurate in the future.
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