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Housing Market Inflation

Inflation has impacted many aspects of daily life, including the price of homes and apartment rental prices. Keeping many prospective buyers on the sidelines.

2022 Hasn’t been kind to prospective homebuyers.

“It’s been difficult for buyers in the first half of 2022. It was very competitive, we had a lot of inventory shortage issues.”

Rater says Covid changed the home size buyers wanted as well, helping cause that shortage.

“Pre-pandemic was trending smaller. Now, post-pandemic it’s trending bigger, because we have so many people that are either working from home full-time or some sort of hybrid.”

That’s not good for hopeful buyers like Robert Weyls.

“The housing market has been absolutely insane. Since the pandemic, prices have shot through the roof.”

He says the rent at his apartment keeps going up, and says he and his husband may be forced to buy a home because of those rising rent costs.

“There’s going to come a point where one’s going to surpass the other and you’re going to go ‘ah, I should’ve done that back then.”

But fortunately, rater says those prices may soon be on their way down, helping prospective buyers make the jump.

“We don’t have as many people in the market as what we did a few months ago, so there’s less competition. So if there’s only one offer on a house compared to five offers, well then we’re not going to have the price escalate like it had in the past.”

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