Housing Market Still in a Frenzy

At the end of 2021, the housing market remains in frenzy with more buyers than there are available houses.  Realtor.com indicates buyers are eager to purchase a home to protect themselves from potential interest rate hikes. The past year buyers were making offers quickly since homes were remaining on market only a few days.  This means buyers during the hottest part of buying season had less time to make home buying decision.  With rate hikes on the horizon, home buyers may try to beat the higher monthly housing cost in the future.  If this happens, this will drive up competition and increase housing prices.  Coming into the new year housing inventory expected to improve.  Hopefully, buyers who were not successful in 2021 may have greater success in 2022.