Buyers Should Be Aware of 3 Things
Things every buyer should know about before purchasing this year.
Today we’ll talk about the things that you need to know before you jump into the market if you're thinking about buying a home in 2022.
Over the past 18 months, our hot Las Vegas housing market has caused a lot of buyers to put their searches on hold. However, with the prospect of increasing interest rates in 2022, many of them are going to return to the market to beat those rate increases and take advantage of this market. If buying a home is one of your 2022 goals, you'll be relieved to know that it should be much easier to accomplish that task this year.
"It should be much easier to buy a house this year"
Here are three things that you need to know if you're thinking about jumping into the market:
1. Sales prices may increase, but list prices may decrease. Most experts believe that prices are going to continue to rise but at a much slower pace than they have in the last couple of years. That’s good for buyers because it’ll cause sellers to lower list prices to get closer to the median sales price.
2. It's important to maintain a state of flexibility. Inventory is still very low, so you need to have a plan before you get into the market. A loan approval or extra money set aside in case you need to bid above the asking price is a good start. We can help you build that plan.
3. Rates are anticipated to rise. We’ve had unbelievably low interest rates in 2020 and 2021. They're starting to rise, but they're still below the pre-pandemic level of 4%.
We believe that 2022 is the year to capitalize on the market. If you're curious about the market right now, visit brownellteamrealtors.com. If you have any questions, don't hesitate to call or email us. We're here to help you find your dream home.