According to economists from Moody’s Analytics, the coming spring 2022 will be very difficult for home buyers. Inventory will continue to be low and continue to decline. Moreover, mortgage rates are expected to rise.
Some say that it could take up to four or five years for inventory to rise enough to meet demand.
The one bit of good news in the short-term is that rising interest rates may knock some would-be buyers out of the market, making for a bit less competition.