In order to succeed as a buyer in today’s real estate market, it’s important to understand which market trends will have the greatest impact on your home search.
Mortgage rates are expected to rise in 2022. As a buyer, your interest rate will directly impact how much you’ll pay on your monthly mortgage when you purchase a home. The rising rates allow buyers to be more motivated to lock in a low mortgage rate before they continue to climb.
The other market condition that buyers need to be aware of is the number of homes that are currently active. We are still in short supply, as inventory remains in short supply around 2.5 months, compared to a “normal market,” with a 6-month supply of listings. The good news for buyers that have been waiting is that as the winter months approach, more homes with be available for sale, as many sellers are waiting to list their homes this winter. This will allow more choices for buyers so don’t slow down on your search!
If you are planning on buying or selling a home this winter, now is a great time to get started. Call or email our office to chat with one of our expert agents about your options this holiday season, our agents will help you prepare to act accordingly.