Whether you’re a first-time buyer eager to become a homeowner this year, or you’re ready to leave your Seattle condo for some acreage in Dallas, buying a new house is an exciting time. However, it can be a lengthy and tricky process, even for the most seasoned homebuyer. From getting pre-approved to submitting an offer, navigating the home buying process can seem daunting. So to help you score your dream home this year, we’ve put together a guide that dives into what you need to buy a house in 2022.
What to expect for the 2022 housing market
The U.S. housing market had a record-breaking year in 2021. It remained a competitive seller’s market, mortgage rates hit record lows, and there was more interest in relocating to new cities across the country than ever before. As we enter the new year, the housing market has already started off with a record-low number of homes for sale. However, the good news is we’re predicting a more balanced housing market in 2022.
As you prepare to buy a home this year, it’s important to familiarize yourself with how the market is predicted to move so you can decide when the best time will be for you to buy a house.
The homebuying season will begin by late January
The homebuying season typically begins in the late spring, but it’s expected to start much earlier this year. Buyers are looking to take advantage of record-low mortgage rates before they rise later in the year.
Expect a more balanced market, but not necessarily a buyer’s market
If you began your home search last year, you’ve likely noticed that it remains a competitive seller’s market with a limited selection of homes. Luckily, in 2022, buyers can expect more selection and slower home price growth with a much-needed increase in new construction homes toward the second half of the year.
Mortgage rates will increase, which will slow down home price growth
Redfin expects 30-year fixed mortgage rates to increase to 3.6% by the end of 2022….