The earlier you act this year, the more affordable your purchase will be. Mortgage rates are projected to rise as we move deeper into 2022. According to Freddie Mac, the average 30-year fixed-rate mortgage is expected to be 3.5% by year’s end, with home prices likely rising as well.

That means the longer you wait, the more it will cost you to buy a home. Not to mention, the sooner you buy, the sooner you can experience the benefits of continued home price appreciation yourself. Once you have your home, you’ll be able to watch its value rise, whether through appreciation or sweat equity (or both), giving you confidence that your investment is a sound one.

Buy Now, Move Later

Keep in mind, with high buyer demand like we’re seeing today, you’ll be competing against other potential homebuyers, which means you need to find a way to stand out. One way to accomplish this is to have your agent (hi there) negotiate with the sellers and present terms that are dialed in to meet their specific needs. Here's one way you can to entice sellers:

If you have a flexible timeline (you are in a lease, are moving to another part of the city or country later this year) offering extra time for the sellers to stay in the home after closing could be the reason your offer is accepted over others. 

In other words, if you’re decide to purchase a home now before it becomes more costly and you don’t have to move right away, you could extend the date of your closing and provide the seller with the time they need to find their next home, or move if they've been in the home for some time. That’s a deal that could benefit both parties and help you stand out from the crowd.

 

Bottom Line

Home prices and rates will increase in 2022. That means buyers who are ready should act soon and find ways to strengthen their offer to meet sellers’ needs. Let’s connect over a strategy session to see what makes sense for you to succeed sooner than later.