It’s no news that ever since the pandemic struck, everyone, including homebuyers, has fallen on difficult times. 2021 was a difficult time to buy a house, because of the low inventory and high competition, and buying a house in 2022 doesn’t look like it will be much different.
This has thrown many questions into the minds of many people. Will the housing market crash in 2022? Will it be a buyers’ market in 2022? If yes, when will it be a buyers’ market in 2022?
Other people with more urgent business have questions like “should I buy a house now or wait until 2022?” and “Should I sell my house now or wait until 2022?”
We have brought you answers with this comprehensive list of everything you need to know about buying a house in 2022.
In many ways, 2022 is looking like a good year to buy a house. One reason for this is that since measures are being put in place to curtail the pandemic, more houses are being built and there is an ongoing rise in inventory.
This is great news for people who plan on buying a house in 2022. The competition in the housing market may be significantly less because a lot of potential buyers would have been priced out of their local house market in 2022.
However, although from the inventory and competition standpoint, 2022 is looking good for home buyers, there are potential disadvantages too.
One major disadvantage is that the prices of homes and mortgage insurance are likely going higher.
So, if you do not want to deal with the hike in price, and you’re asking yourself the question “should I buy a house now or wait until 2022?”, you probably should buy the house now.
If you’re looking at buying a house in 2022, taking the points below into cognizance is a good start.
-
Know what you want
You should have an idea of what your definition of a dream house is. How do you know you’re successful at the end of the day if you don’t know what you want in the first place?
-
Choose a good realtor
The choice of realtor you make affects everything about your home buying process in 2022. Just as in any other field, there are great, average, and bad realtors. Trust us, Tammy is one of the great ones.
-
Push for your pre-approval
You will only be taken seriously by buyers when you are already preapproved before you go to them. A great realtor who is experienced should be able to recommend good loan specialists for you.
-
Start looking!
This is the fun part where you look at potential houses and decide on the best choice for you. Don’t settle for what you see online. Visit each location physically and remember to look at the neighborhood too. A great house in a poor neighborhood is not a great house.
-
Negotiate
When you see a house that you like, make an offer, and negotiate. Your realtor’s experience will help you here, thus it is doubly important to stick with only the best. You can also negotiate repairs with the seller.
-
Complete financing requirements
On a side note, we always advise that you do not make any large purchases during the process of home buying because it will appear on your credit and may affect your loan.
You’re almost there, you just need to tick a few more items off your list, such as:
- Obtaining Homeowner’s Insurance
- Approving Closing Documents (buyer must sign off on the closing paperwork 3 days prior to closing)
- Scheduling Utilities In Your Name (schedule your internet or television provider too)
- Closing on your new home (Officially signing all the required documents pertaining to the mortgage, the deed, and other related issues) Be sure to ask your realtor questions about what you’re signing.
Once you have done all of this, you can now purchase and move into your new home!
Will housing prices drop in 2022?
From our housing market prediction 2022, it is quite unlikely that housing prices will drop in 2022.
If you’re a seller and your question is “should I sell my house now or wait until 2022?” You can either sell now or wait until 2022, which from all indications, will still be a good year to sell. If, on the other hand, you have a good offer now, then selling your house now will also be a good idea.
The housing market shift may be good for buyers in 2022 in terms of inventory and reduced competition but it definitely doesn’t look great in terms of a reduction of house prices and mortgage interest rates. For sellers, on the other hand, the housing market shift in 2022 (in terms of more inventory) may slowly transform the real estate market into a buyer’s market in the latter parts of the year.
Are you considering buying a house in 2022?
If you are in the market for a new house and are searching for the perfect agent to make those dreams come true, you’re in luck; Tammy Gazda is the right agent for you.
With over 20 years of sales experience in the Metro Phoenix area, Tammy is smart, knowledgable, experienced, and attentive. She has a wide real estate network, and she will put all these advantages to work on your behalf.
Just give her a call at (480)-848-7173 .