May 2022 Real Estate News
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This month’s May 2022 Real Estate News provides the three questions you need to ask before buying a flipped house, identifying foundation damage and mistakes not to make when buying in a seller’s market. Also, we look at continued buyer demand even with housing becoming less affordable. All of this and more in the May 2022 Real Estate News.
Housing Affordability Declining, but Buyer Demand Remains High
Buyers looking to enter the housing market are being hit with both rising mortgage rates and sustained price increases, which are both negatively impacting housing affordability. According to Lawrence Yun, National Association of Realtors’ (NAR) chief economist, some buyers “who had previously qualified at a 3% mortgage rate are no longer able to buy at the 4% rate.”
In addition, monthly payments have increased by 28% from a year ago. Yet despite the decline in housing affordability, buyer demand is still strong, with multiple offers being recorded on most properties.
May 2022 Real Estate News
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Marina Jacobson
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