If you’re interested in buying a house soon, consider starting the process now. The sooner you buy, the better your chances of securing a low-interest rate for your mortgage and a lower-priced home.
Reason #1: Lower Prices
In my last article, I overviewed recent housing market forecasts. The takeaway was clear: Housing values will continue to rise over the next two years at least. Demand is relentless and our supply can’t keep up. While we may not see quite the frenzy of bidding wars that exploded early in Q1 of 2021, Q1 of 2022 could definitely see prices swell again.
Reason #2: Lower Mortgage Interest Rates
The Fed announced yesterday that they will raise interest rates three times in 2022. With the added possibility of increased interest rates on mortgages, it makes a lot of sense to buy your next or first home in the final days of 2021. Rising inflation may also mean less buying power in the coming months and years, so acting soon is a good idea.
Reason #3: Less Competition
It may seem counter-intuitive to take on buying a house during the holiday season. Many people postpone their search until after the new year. That means anyone who does decide to go for it gets a less crowded, less competitive landscape, showings that aren’t so chaotic, and a less stressful experience getting under contract. An added bonus? You’ll have all of your documents ready to go for tax season.
It may seem like two weeks is not enough time to start the buying process. Rest assured that my team is ready to schedule a strategy session with you tomorrow. We can connect you with local lenders, walk you through the buying process and get clear about your priorities within an afternoon. Once you’re ready, the hunt can begin!
It can also be a good time to sell your home. You’ll most likely be dealing with only the most serious buyers, and you, too, will benefit from a less stressful showing and contract experience. There are plenty of first-time buyers who want to be in a home they own before their rent increases in 2022. Maybe one of them is your buyer!
If you can find a real estate agent who doesn’t mind working around the festivities of the season, and you feel ready to take the next step, I say go for it. Today. Your agent is right here!
To schedule a strategy session, call or write to me at 360-508-2800 or kwoodford@kw.com. We’d love to help you buy a new home for the new year!
Kristy Woodford is CEO of Holistic Home Group, which is affiliated with Keller Williams South Sound. She has over ten years of experience as a broker of residential real estate in Thurston County and leads a team of realtors experienced in serving local buyers and sellers.
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