Here’s how you can make it as a buyer in a red-hot housing market.
Our red-hot housing market caused some homebuyers to put their plans on
hold in 2021. In 2022, many of them will return to the market.
If buying a home is one of your New Year’s resolutions, you’ll be relieved toknow that it should be much easier to accomplish that task than it was in 2021.
Here are three things all homebuyers should know in 2022:
1. The market is easing up for homebuyers. New data from the Common
Haus Price Index, which tracks asking prices for three-bedroom, two-bathroom
U.S. homes, shows that the year-over-year rate slowed from 5.9% to 5.4%.
That’s the smallest year-over-year price growth since January 2020.
Additionally, prices have started to slide back down from their 2021 peaks, and
supply is bouncing back at the fastest pace we’ve seen since May. This will
give you more options and better prices as a buyer.
“A 4% rate is still extremely low based on historical averages.”
2. It’s important to be flexible in this market. Although supply is on the rise,
inventory is still very low from a historical perspective. This means that you
need to have a plan in place before you even begin your home search. You’ll
need to be prepared to act quickly when the right home hits the market, and
be patient in case your first offer isn’t accepted.
3. Rates will likely rise, but not by much. It’s clear that home prices have
been inflated over the past year or so, but competitive mortgage rates have
helped offset them. Rates will rise in 2022; it’s inevitable. However, the
Mortgage Bankers Association predicts a modest increase in the 30-year
fixed-rate mortgage average to around 4%. This will make homes less
affordable than they are right now, but a 4% rate is still extremely low based
on historical averages.
Only time will tell if 2022 will be a great year for homebuyers. However, the low
rates we’re seeing won’t last forever. Locking in a low rate on a long-term
investment like a home puts you in a great financial position for the future.
If you have any other questions about buying a home, selling a home, or real
estate in general, feel free to give me a call or send me an email today. I look
forward to hearing from you.
Once you’ve selected a few agents online, scope out their website, social media, reviews, property listings, and more to see how they professionally market themselves. Learn more from https://www.propertyoso.com/areas/property-for-sale-nueva-andalucia
ReplyDeleteJust explored this tremendously useful home buying and selling web- world. Seriously so much glad to learn about red hot housing market in Norther New Jersey. The three things you explained were very informative and adorable. And the video was excellent. Love it so much. By the way, here I also would like to recommend Utopia Management Evergreen for the property owners in San-Jose, CA. Hope readers and property owners from San-Jose will find this interesting.
ReplyDeleteAsk people in your network if they can recommend a real estate agent with whom they’ve had a good experience. https://www.propertyoso.com
ReplyDeleteThe Best leather jacket for men on sale features a rich brown color that complements various outfits, making it a versatile addition to any wardrobe.
ReplyDelete
ReplyDeleteHero MotoCorp, a reputable Indian motorcycle manufacturer, gives an array of motorcycles in Bangladesh. For the most current fees and version availability, you may take a look at their reputable internet site or contact nearby sellers. Look at this web-site Hero Bangladesh.