2022: A Look Ahead in Real Estate
We’re three months away from the next year – and real estate experts are already looking ahead to see what might be coming for homebuyers and sellers.
According to a recent report from the National Association of Realtors, experts are estimating that home prices will likely climb 5.5% in 2022. When it comes to mortgage rates, they expect that the 30-year-fixed mortgage might be between 3.0% and 3.25%.
They’re also predicting housing starts of 1.50 million.
If you’re wondering if this might mean you should purchase a home now or later, Denny Ceizyk, LendingTree’s senior staff writer for mortgage, has some advice: “While home prices are rising, interest rates remain [near] 60-year lows, making it much more affordable to buy higher-priced homes.”
Before making any big decision, such as purchasing a home, you’ll need to carefully look at your finances and talk with your lender to see what options you might have.
For more real estate news, stop by Pacific Alliance Title’s Blog.