The housing market has been resilient through the global pandemic. Lockdowns caused a race for space as home buyers sought out more space both inside and outside the home to endure the restrictions. Renters were not the only ones looking to buy, as homeowners became home movers due to seeking a pandemic lifestyle friendly home, and the ability to secure a low interest rate mortgage.

The homeowners that did not move secured low interest rate remortgages. Some turned their built up equity into cash and improved and updated their home to be pandemic lifestyle friendly.

The level of historic low interest rate offers from lenders made everyone take notice. The pandemic caused a push to take action, and restrictions were sidestepped by the ability to shop online. The housing market was not only able to gain notice but it helped spur growth in businesses that were connected to moving and setting up a home.

However, the lack of supply in the housing market caused an increase in asking prices. That has resulted in closing out many first time buyers or those that hoped to move home. 

The forecast from most experts is continued growth in the market through next year, but not at the robust level of 2021. The continued growth could be spurred by the omicron variant, but experts are more optimistic about supply growth in the market spurring continued buying. 

Many homeowners may be ready to upgrade. Some may have cashed out their equity to improve and upgrade their home, but the ability to sell at the high prices being seen in the housing market could have them switching goals to selling rather than staying. With strong demand and higher asking prices, homeowners could be motivated to enter the market for a substantial profit.

The optimistic news about the housing market is welcoming with the continued reports about the omicron variant. The forecast of continued growth in the housing market is good for the economy as the pandemic continues to make its impact, it is good for homeowners wanting to stay as their property values will grow or be stable, and it is good for home sellers and the home buyers waiting for an opportunity to discover their dream house. 

There are still many unknowns that could cause a change in the market, such as strong inflation growth that could raise interest rates. That would cause a surge in the market and an expected cooling off and drop in house prices, but for now the forecasts are optimistic, demand is strong, and interest rates are historically low.