When considering the purchase of a home, it’s important to look at timing. The following are what experts are saying about the remainder of 2022, regarding residential real estate.
The number of homes available for sale is likely to grow. Early signs are beginning to indicate that there will be more options for buyers than in the recent past. This catch-up of low housing supply is likely to continue; it is recommended that buyers be ready to act fast and put their best offer up front.
Mortgage rates will likely continue to respond to inflationary pressures. Experts agree that inflation will likely continue to drive up mortgage rates in the months to come, albeit more moderately. Buyers are wise to work with trusted professionals, including their lender to keep apprised on how rate increases impact purchase power – and if buying now before rates rise again is best for you.
Home prices are projected to continue climbing. With fewer homes for sale than buyers in the market, prices will appreciate yet the pace should slow in the coming months. Home prices will not fall. Once a home is purchased, it will likely grow in value making it a good investment and a strong hedge against inflation.
It’s best to know what’s happening in the market so as to make the most informed decision. For buyers, partnering with a professional expert like Dennis Hartley by your side is the experts’ best advice at this hour.