Real estate prices went up in 2021 with over a 16.9% increment from 2020. According to the National Association of Realtors, this escalation was the highest since 1999. Zillow also predicts a continuous increase in 2022 and a 17.3% increment by January 2023.
Besides this housing price increment, home inventory is dwindling, meaning buyers might have to pay more to own a home. Therefore, with growing home prices and low inventory, many potential buyers might wonder, is now a good time to buy a house?