Homebuyers: Be Ready To Act This Winter
Be Ready To Act This Winter To Buy Your Dream House
The key to buying a home in today's market is understanding what trends will affect your search. Chief Economist at realtor.com, Danielle Hale says that if you're looking for either mortgage rates or housing supply- both of which have been on an upward trajectory lately - then it'll be important keep up with them!
Mortgage Rates Projected To Rise in 2022
As a buyer, your interest rate directly impacts how much you’ll pay on your monthly mortgage when you purchase a home. Rates are beginning to rise, and experts forecast they’ll continue going up in 2022 (see graph below):
As the graph shows, rates are expected to continue to go up. Still a lot lower than in years past. That is why not hesitating to get in line for rates at this level is important. National Asociation of Realtors reports existing home sales shows the the current supply of inventory at just 2.4 months. This means a 6 month supply is ideal number for a balanced market having enough homes for buyer demand.
However, there may be good news for buyers who are waiting for more options. A recent Realtor.com survey shows more sellers are planning to list their homes this winter, meaning more choices will likely be available soon. Competion for buyers getting their dream home is still an issue due to the lower inventory that remains. So if you find your dream home act swiftly to make an offer! Let’s connect today so you have an expert on your side to help act as quickly as possible when the right home for you hits the market.