(NEXSTAR) – With mortgage rates soaring in 2022, it’s no surprise that affordability remains the number one concern among home buyers, but one survey found last year’s “most Guessing the “hot” zip code can still be tricky.
Chelsea Goyer, head of national brokerage for online real estate marketplace Open Door, said while the top 10 cities included many long-time favorites, the 11-20 group of “emerging zip codes” ‘ caught her attention.
The group’s upstart neighborhoods have a common denominator, Goyer writes:
According to Seattle-based Redfin agent Shoshana Godwin, current homebuyers often fall into two categories. Who took a break during the “pandemic bidding war frenzy”.
“They should be able to find homes at slightly lower prices than last year over time, but the market could become more competitive in the coming months,” Godwin said. We expect new listings to remain scarce as a pool of determined buyers tours the few available homes while homeowners maintain low interest rates.”
So which markets will see the most attention in 2022? bottom.
|Four||new braunfels, texas||78130|
|6||Somerville, South Carolina||29486|
|11||San Antonio, Texas||78253|
|14||Winter Garden, Florida||34787|
|18||San Diego, California||92101|
|19||Port St. Lucie, Florida||34953|
“Clarksville tops our list for both housing affordability and quality of life,” Goyer wrote of the number one zip code. “Clarksville has a vibrant and close-knit local community, but it’s also close to Nashville’s activities.”
As for motivation, according to Goyer, a recent survey found that 49% cited more affordable living costs, followed by lifestyle changes (34%) and proximity to family (31%). rice field.
Zillow says it remains difficult for many buyers to find traditionally affordable homes, defined as mortgage-to-income ratios below 30%, between high-end home prices and mortgage prices. am.
Pending Home Sales Fall Again
According to the National Association of Realtors (NAR), national data show that pending home sales across the country in November 2022 fell for the sixth straight month.
NAR chief economist Lawrence said pending home sales fell to their second lowest monthly record in 20 years as interest rates rose at the fastest pace in history this year, leading to a significant drop in the number of home-buying contracts signed. was recorded,” he said. Yun. “The decline in home sales and construction has hit the wider economy.”
However, not all regions were equally affected, down 34.9% in the Northeast, 38.5% in the South, 31.6% in the Midwest and 45.7% in the West from the previous November.
“Midwest regions with relatively affordable housing prices have held up better, while less affordable western regions have suffered the biggest declines in activity,” Yoon said.
Pending home sales are an effective indicator for the broader housing market, according to the NAR, as they provide a detailed view of upcoming sales closings. However, this tool has limitations. Financing, inspections and appraisals can change the time between contract and sale.