2022 Real Estate Trends to Look Out For Near Lexington, KY

The world of real estate is fast-paced and ever-changing. Whether you are a seasoned realtor or brand new to the industry, it is important to take notice of greater trends and patterns in the real estate market, which may change with the seasons or year after year. At HomeServices Real Estate Academy, we want our students to understand past, present, and future trends in the real estate and housing markets to help them better serve their future clients with confidence and care.

2022 Real Estate Trends

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1. The economy’s uncertainty does not give buyers, or banks, confidence in the market.

The economy in America in 2022 has been anything but predictable, and while many statistics point toward a recession, consumer spending and the job market are still strong. The housing market, however, is experiencing a similar level of uncertainty. Housing experts are keeping an eye on the economy while factors such as inflation and rising interest rates make it more difficult for many potential buyers to access affordable housing. Due to this uncertainty, some buyers, lenders, and industry experts do not have confidence in the market.

2. Home prices, and mortgage payments, are rising exponentially.

2022 has brought a significant increase in the price of houses on the market. While mortgage rates are increasing significantly, so are the prices of houses. For example, according to the National Association of Realtors, the median price of a home reached a record high in June 2022 of $413,800. These increases are making homes less affordable for consumers, and economists do not know when these prices will go back down.

3. There will be more houses on the market.

In 2021, there were fewer homes on the market than nearly ever before. However, in 2022, the housing inventory has increased and is up nearly 31%. Homeowners who are actively looking for a home should have more luck than in past years finding a home available, but the increasing costs are still a factor in affordability.

4. Buyers and sellers are inundated with advice for the “hot” market.

Because the real estate market is a fast-paced and well-monitored market, buyers and sellers alike are being inundated with advice for how to proceed in this “hot” real estate market. While customers should always be informed and educated about the process, it is important for real estate agents to understand that buyers and sellers have access to dozes of opinions and advice on how to move forward with their journey.

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One thing that will help guarantee your success as a real estate agent is to stay in tune and informed of the current trends and nuances of the real estate industry. This will help you better serve your clients, understand the market, and give you confidence. HomeServices Real Estate Academy is accredited by the Kentucky Real Estate Commission (KREC) and the Kentucky Commission on Proprietary Education (KCPE) and we are committed to providing you with the best education and tools to be successful as an agent.

Contact us today to talk to our team about getting your real estate license! We proudly serve Lexington, Georgetown, Versailles, Paris, Nicholasville, Richmond, Harrodsburg, Frankfort, and Winchester, Kentucky.