Reasons to Search for Real Estate at the Beginning of this Year
March 24th, 2022 by Administrator
Do you intend to purchase a home this year? Excellent! In 2022, you’ll be one of an estimated 26 million Americans who wish to buy a house. However, you may need to bring your home-buying goals to the front.
If you want to get the best rates and terms, you should begin your search immediately, as per market data.
Let’s have a look at why it’s better to buy now rather than later this year.
Home prices are expected to rise soon.
The Bay Area’s home values have risen by 17.0 percent in the last year! Although such rapid growth is unsustainable, experts project that the price will rise another 9.9% relatively soon.
If you want to buy a house this year, you should act fast before prices skyrocket.
If an $800,000 property appreciates 9.9% this year, it will be worth roughly $880,000 at the end of the year. You could buy the home now and see your net worth grow by that much this year!
Defend against the flood of buyers
From late spring through early October, the real estate market is always fierce. Buyers prefer to relocate during the summer since their children are out of school, and it is easier to take time off work. As a result, buyer competition is at an all-time high at this moment.
If you’ve been keeping an eye on the market for the past two years, you’re probably aware of the severe buyer competition. While there will be less competition in 2022, it will still be a seller’s market.
Investor desire remains high, but the supply of available properties remains limited. As a result, numerous bids on a single house are still likely, and homes will most likely sell for higher than the list price.
If you buy a home now, you won’t have to compete with all those other buyers. You can relocate into your new house comfortably before the summer buying rush begins if you start your search now.
Interest rates are expected to rise.
Consider the interest rates if you’re still not sure that you should start searching for a home now.
The cost of borrowing money is referred to as the interest rate. Since the Great Recession in 2009, interest rates have been historically low.
In 2008, the rates were over 6%. They’re currently at less than 4%. A 2% difference may not seem like much. But throughout a long loan and for a substantial purchase item, this subtle percentage adds up to significant savings.
In order to counteract our present level of inflation, interest rates will be raised by up to 1% in 2022.
So, if you’re thinking about getting a loan for your new house, now is the time to close in your low-interest rate before it rises.
Are You Ready to Start Your Property Hunt?
Are you ready to begin looking for a home now? To assist you with your quest, contact an experienced real estate broker!
An agent will be able to view properties before they go on the market. If you have the right agent on your side, you have nothing to lose and everything to gain.