A changing economic landscape is updating and shaping forecasts for residential and commercial real estate industry nationwide — including real estate within Temple.
Realtor.com’s 2022 Housing Market Forecast Midyear Update in June of 2022 shared a new prediction for inventory that will grow double-digits over 2021, offering buyers a better-than-expected chance to find a home in the months ahead. Among its projections: sales that will hit the second-highest level in 15 years, trailing only the 2021 pace.
“The supply chain shortages are dragging out the building process, (while) all of these people (are) coming into the area needing a place to live, work and play,” said Damon Gottschalk, president of the Temple-Belton Board of REALTORS. “This puts additional demands on all parts of our local economy. Commercial growth is strong.”
Still, Gottschalk warns against rushing into buying your first home. “The first step is to get with a well-known mortgage company,” he said. “They will tell you exactly what you need to do to better your position for buying a house — for example, save more cash, pay off certain debt and (repair your) credit.”
As to making a move specific to the Temple region, Gottschalk acknowledged vying for a home is a competitive process. “People are flocking here for a better way of life, with a lower cost of living,” he said. “Research projections show steady growth for the next 10 years.”
Danielle Hale, Chief Economist for Realtor.com, shared that preparation will be key throughout 2022, as at the time of its June 2022 midyear report, it continues to be a seller’s market and asking prices remain high.
“For buyers who choose to wait until later in the year, take that time to assess your budget so you’re set up with a strong financial footing whenever you’re ready to move forward,” she said.