The first thing to keep in mind is that expert predictions are imperfect. Does that mean you should try to hold off until prices start going down? Not necessarily. Right now, home prices are still seeing double-digit growth nationwide and all-cash offers still make up around a quarter of housing bids, according to Jessica Lautz, vice president of demographics and behavioral insights at the National Association of Realtors. Key factors to consider when buying a home in 2022 Here are the most important things to consider when buying a house in 2022, including why it might make sense to wait or to rent instead of buy. Your job stability, household needs and the inventory available where you want to live all play a role in determining what makes sense for you. It's an exceptionally personal decision that requires evaluating your long-term goals while making sure you're financially ready, from the down payment to interest on a home loan. If we get a couple months down the road and that hasn't happened, then all bets are off."Įven though mortgage rates appear to be leveling off, when taking all of these factors into account, a homebuyer will now pay almost 47% more for the same property compared with a year ago, according to .īuying a home is one of the most important money moves you'll ever make. ![]() "The outlook for a weaker economy will hold sway as long as inflation pressures begin to show evidence of easing. "If we've seen the peak in inflation then we have seen the peak in mortgage rates," said Greg McBride, chief financial analyst at CNET's sister site, Bankrate. ![]() So homebuyers should expect their mortgage payments to be higher this year, even if lessening demand decreases competition for homes. Although mortgage rates have dropped slightly since the Federal Reserve announced its fourth rate hike of the year to continue combating inflation, they're still more than 2% higher than they were at the beginning of 2022. Plus, prospective new homeowners have to contend with relatively high mortgage rates, which keep monthly mortgage payments expensive. This past April, home price increases declined for the first time in four months, as did sales of new homes.īut many experts note that, given the ongoing shortage of properties, home prices will still continue to go up in 2022 - just at a slower pace. This story is part of Recession Help Desk, CNET's coverage of how to make smart money moves in an uncertain economy.Īfter two years of a wildly hot and competitive housing market with skyrocketing home prices, there are some signs indicating that these record-high spikes might start leveling off.
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