2022 Housing Trends to Watch Out For
"The property market is poised for a whirlwind year of home buying in 2022, " says Edwin marina , a realtor.
Loise lenser
Economists have expectations of the hot housing market to continue into the new year even though home sales and home prices are most likely to moderate from their recent highs.
However, the challenges of affordable housing will still face persistence since housing prices are going up with its interests.
But this doesn't cut out young home buyers as they might still find home sooner than they could think in remote areas.
There is also anticipation for strong home growth this following year as more sellers are expected to enter the new market even though buying competition will still stand fierce.
1. Increased house demand for suburban areas.
The COVID 19 pandemic has modified what home buyers are looking for in a home. The busy city and town like environment or near the office houses are getting off the list at a quick rate especially for permanent residential buyers.
Many home buyers are out for quiet and less crowded neighborhood making suburbs the ideal place to start a family this coming year.
With potential home buyers shying away from the hustle and bustle of busy neighborhood, incoming investors trying to set foot into the property market as sellers should consider the flexibility of moving out to the suburbs this coming year.
2. Rise in the rate of home buying.
The Kenyan population is forever growing, and true as per the 2019 national census the number is going up yearly and their is a large demography of youths.
This is a green flag that home ownership is set to rise annually because each of these people are bound to own or rent homes.
The rate of unemployment is also going up forcing the young generation to strain their expenditures whereas renting is not an option when it comes to investment .
3. More sellers into the property market
Delivery from the new housing construction is expected to flock the new year property market.
This is a welcome sign for buyers who have constantly complained of new house listing over the year.
But with more house inventory, they will be a ease in the price although it will flow at a slower rate due to multiple offers from different players.
4. Challenges of affordability
More investors are targeting high end housing units this makes the new buyers to strive for the best.
The Kenyan economy is facing hard times with an added global pandemic every investor is upto making the most out of their investments.
An average citizen is still left out, to pooling funds from all sources with banks increasing mortgage rates, affordable housing is still a dream that might not come true next year.
5. Millennials are eager to own homes.
Most are eager to show their individuality and design freedom, millennials are even more eager to express freedom this coming year.
Aged 26 to 35 are falling within prime first time home buyers this coming year.
Home buyers appear undeterred by higher financing cost and home prices.
Driven by the fast rising rents and high growth of mortgages rates many house buyers on budgets are hurrying to sign contracts to home ownership sooner that later.
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