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As the Supply Chain Saga Continues…

We’re a few weeks into 2022 now. Building materials are still backed up in supply chains. For many home developers, building projects have lagged.

Pauses in processing, followed by delayed production schedules, were among the immediate effects of the pandemic. In 2021, the vast majority of building companies struggled with supply delays. Even though analysts have predicted that the clogs will start to clear in mid-2022, the demand has been building up for a long time.

It’s a hurry-up-and-wait situation for construction firms. Out-of-stock selections can mean having buyers move in before houses are finished. A widely noted piece on new owners having to move into unfinished homes appeared in The Wall Street Journal in January 2022.

Homes are pricey out there, no question. But rentals are pricier still. Recent research shows that buying a median-priced home is often more affordable than renting a comparable home. These findings apply to most markets across the country.

Know Your Condo Insurance

Condo insurance is a necessity. As a condo buyer, you’ll get a condo insurance policy, and the payments will likely be pulled from the escrow account established for your mortgage account. This way, the value of the real estate (and your lender’s stake in it) asset is covered against damage. Your homeowners’ association (HOA) may require a copy of each unit owner’s insurance to keep on file in the condo office as well.

It’s easy enough to get a standard HO-6 (condo) policy from any major company. Still, it’s good to know what you’re actually getting, and what else is available. Here are some points to consider.

Amid unexpected challenges, technology has found ways to help us get things done. Some tech advancements, barely imaginable a few years ago, are making themselves indispensable. And while pre-pandemic homebuying was filled with in-person meetings and tours, apps and gadgets are folding much of the process into digital experiences.

For professionals in the field, repetitive tasks are now automated. Even a property appraisal can be carried out virtually. Everything is about to become more integrated. Online home touring is meshing into home shopping. This adaptation process has brought real estate into a new era.

Let’s take a virtual tour of this landscape in 2022.

Five Trends and Themes to Watch in 2022

Rental demand is high. It’s expected to keep rising in 2022. If you’re thinking of investing in real estate now, you’re coming in at a propitious time — yet you’ll have a lot on your radar.

Here are five big topics for investor-owners now.

Planning for the Unthinkable

Kindness is magic, it’s said. And one of the most important examples of kindness is demonstrated by the person who backs someone else’s mortgage with no expectation of personal benefit. No one wants to imagine the death of a hero. But it’s important to look ahead and prepare for the most serious difficulties when major financial decisions are made.

Avoid Common Real Estate Document Mistakes

Creating a legal document? Congratulations! And don’t hurry. Attention to punctuation, grammar, and formatting can make a serious difference, both in asset ownership and in estate planning. Checking a legal instrument carefully is essential.

And What’s All This Talk About Rate Hikes?

In a Wall Street Journal article titled Millennials Are Supercharging the Housing Market, millennials — many of whom are just now jumping into the market — account for more than half of all mortgage applications. Super. A good deal of the future demand for homes hinges on millennials (people born in the 1980s and 90s).

But wait. Will rising interest rates put a damper on these young market-movers in 2022?