As mortgage rates continue to rise quite rapidly, more would-be buyers are being priced out of the housing market which should ease demand, according to many analysts. Already, mortgage applications are down 6 percent.
Of course, the other side of slowing demand is that asking prices will have to be more realistic, and bidding wars may not ensue at the pace of recent years. This may cause some to decide not to sell.
Given all of the above, the National Association of Realtors is predicting a 10 percent drop in home sales in 2022.
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