Summer 2022 Homebuying Guide

The weather isn't the only thing warming up, but the housing market is still on fire!🔥 If you are thinking of buying a home, this summer may be your moment. Here's a dive into some of the biggest wins for homebuyers this season.

• Mortgage rates are still low

Although the mortgage rates have started to increase, they are still much lower than they have been in the recent past. According to Freddie Mac,

“We forecast that mortgage rates will continue to rise through the end of next year. We estimate the 30-year fixed mortgage rate will average 3.4% in the fourth quarter of 2021, rising to 3.8% in the fourth quarter of 2022.”

As you can see the interest rates will continue to rise, so now is the time to find the right home and lock in that lower interest rate. Just remember although the rate is higher than it has been the past year or two, historically rates are still extremely low.

• Equity is growing

Interest rates are going up, but so is the cost of purchasing a home. That means if you find the right home now, by this fall you will have gained equity.

• Inventory

Although we have all stated that inventory is low, is it really low? No, it is just moving at a rapid rate. The number of days that a home sits on the market is low so therefore as soon as a home is put on the market, it gets sold.

So if you are in the market for a new home, get pre-approved and call me so I can help you navigate this market. It is still a great time to buy a home!