Friends and Clients —
As we begin another new year, it may be the prefect time to buy your new home.
There are three key reasons why:
- Supply is still lacking. Two major trends that we noticed in 2021 were a low supply of homes for sale and supply chain issues. Experts predict that both of these trends will continue in 2022, which is good news for home sellers. Lower supply means a higher sale price.
- Prices are still rising. After another strong year of appreciation, 2022 may see a slight slowdown. Homes will still increase in value, but the rate at which they are appreciating is expected to pull back based on predictions from Fannie Mae and the National Association of Realtors.
- Rates are still low… for now. Right now, the average interest rate on a 30-year fixed-rate mortgage is in the low 3% range. However, the Federal Reserve recently announced that it will wind down its bond purchases, which will cause rates to increase across the board. This may cause even more buyers to enter the market now to try and secure a home like yours before higher rates make it less affordable.
Home price growth is slowing compared to what we’ve seen over the last few years. Mortgage rates are on their way up.
If that piques your interest, you can get more info on what your home is currently worth or what we can build you a new one for, by getting in touch with us at 817-241-3994 soonest!