Those hoping competition will slow in 2022 are out of luck, according to economists from Zillow and Realtor.com. Economic trends including tight supply, elevated demand and low mortgage rates will continue to give sellers the upper hand.
Potential buyers can expect bidding wars on many homes, particularly in the spring and summer. While no one can predict exactly what will happen, the trends listed above mean prices will continue to climb. Compare home prices from the prior year in your local area to the listings you are currently considering. If the same type of house is listed for significantly more, it makes more sense to wait for something else.