2022 is a year of change for a lot of industries, and that’s especially true for real estate. The real estate market has gone through unprecedented changes over the past few years, so much so that even experts are making different moves to stay ahead.
Whether you’re planning on buying or selling, understanding the housing market in 2022 is important. The current housing market situation may be different, but you can accomplish your real estate goals if you have a plan.
Before you finalize your decision to buy or sell, here’s what you need to know about the 2022 housing market.
Buyers: Focus on Low Mortgage Rates and Improving Your Chances
We’ve all heard stories about how high housing prices, outrageous bidding wars, and people selling for well above the asking price. You can read more now about the state of the housing market in the winter to get a better idea of what you’re up against.
Unfortunately, it looks like high housing prices are here to stay. Luckily there’s still hope for people who are looking to buy, especially if they’re first-time homeowners.
Home prices may be high, but mortgage rates are still pretty reasonable. In some places, you may be able to qualify for something as low as five percent. If you’re a first-time buyer, you could even qualify for homes as low as three percent.
If you have your heart set on moving this year and don’t want to wait things out, make yourself into an attractive buyer. Work on improving your credit score and paying down debt. Every bit helps in this competitive market, and sometimes a few extra points or an extra few thousand can be what puts you over the edge.
Sellers: Stay Competitive
We may be in an incredibly friendly seller’s market, but that doesn’t mean that sellers are in for an easy ride. It’s important to keep in mind that some areas are more popular than others, and even in hot areas people may not be as willing to buy as you’d think.
There are plenty of potential buyers that are spending this year building their credit and saving up. They could be persuaded to buy, but only for the right house at the right price.
Check out the local real estate listings to see how nearby homes are pricing themselves to make sure you’re prices are in a good range. People may be paying a bit more for houses, but homes that are too overpriced won’t be selling anytime soon.
Buyers and Sellers: Get Great Help
There are some bits of real estate advice that matter regardless of what side of the fence you find yourself on. Whether you’re planning on buying or selling, you shouldn’t underestimate how helpful a good realtor can be.
Realtors have an intimate understanding of the market and know your area. They can help you stay competitive, prepare to buy, and everything in between.
Master the Housing Market in 2022
The housing market in 2022 may be new territory for everyone, but you can succeed if you approach it the right way. When you have the right market info you can start making your plan of attack.
Are you hungry for more real estate news? Whether you’re buying or selling we have the content you need. Keep browsing our site so you can master the market in 2022 and beyond!