Here’s why waiting until 2022 to buy a home is not a good idea.
Oftentimes when I get up in the morning, I get news predicting real estate trends. What I’m hearing from these articles is that the agents and professionals keep saying how this market is very different from 2008, and there’s a good reason they are saying that.
One particular article talks about why it’s a bad idea to wait until next year to buy a home. Homebuyer sales have slowed down. It seems like some potential buyers are deciding to wait because they are frustrated with fighting the market.
The issue with this is that interest rates are predicted to go up in 2022. This will cause homebuyers’ buying power to drop as well. Now, this is still only a prediction, but it’s one that comes from a lot of experts, so it’s worth taking seriously.
The housing supply will still be very tight in 2022, meaning it’s not going to be any less competitive. The reason for this is that home builders have not been able to keep up with the demand for new houses since 2008. On top of this, as many as two million millennials are entering the market, keeping demand high. For perspective, only 353,000 homes were built last year.
If you’re frustrated as a buyer, I encourage you to take a different look at the market. Now might still be the best time to buy. If you can’t buy now, you might want to take a look at your credit score, pay off some debts, or save money. That way, you can enter 2022 with the ability to take full advantage of new homebuyer programs.
Fall tends to be a good time to sell in our area. If you were looking to put your home on the market or wanted to take a look at your equity, now is a great time for that.
If you want to know what your home is worth or if you’re a buyer who wants to have a conversation about what you can afford, reach out to me and I can help you navigate the market. Even if you just have questions about real estate, give me a call. I’m always happy to talk with you.