Is 2022 A Good Year to Upscale or Downsize Your Home – YES it is!
Homeownership is one of the most important decisions you will make in your lifetime. With housing markets constantly changing, it can be hard to know what’s best for your family. But there’s good news! There are many homes on the market that are perfect for either upsizing or downsizing. Check out this list of six reasons why 2022 is a great year to consider either option.
1. Interest rates are still low – Low mortgage rates (4.25% APR) make it easier than ever to afford an expensive home
2. Home prices are on the rise – Home prices have increased by 10% over the last two years and continue to climb
3. Income is rising – More people are working than ever before, which means more people can afford homes
4. The economy is doing well – Unemployment has dropped to its lowest level in decades, meaning more people have money to spend on new homes
5) Homes are more affordable than they’ve been.
Home prices are Leveling Off
Nationally, home prices are still on the rise. But there are some signs that the market may be plateauing. While home prices have increased by 10% over the last two years, they have also flattened out in many major markets.
A National Association of Realtors report revealed that home sales activity was down 1% in August 2018 from the same time period the year before. Home sales are at their lowest point since 2008 at this point of the year. Additionally, mortgage applications are dropping. This suggests that homeowners may be feeling more confident about spending less on housing costs for fear of a potential economic downturn.
However, recent data shows that while home prices are leveling off nationally, they’re still climbing steadily in some major markets including San Francisco and New York City.
Low mortgage rates for Now
If you’ve been considering buying a new home, now is the time to do it. You may want to contact a local lender in the area. It’s not only because homes are more affordable than they’ve ever been, but mortgage rates are also at their lowest level in decades. Right now, the average cost for a 30-year fixed rate mortgage is 4.25% APR. That’s lower than it was just last year when the average mortgage rate was 4.45%. And if you’re looking to buy a new home before interest rates rise, your window of opportunity is quickly closing.
Interest rates tend to be cyclical and eventually will start going up again as we head into 2020 or 2021. This means that if you’re looking to buy a new home soon, now is the time to do it! Your mortgage payments will be more affordable for longer with low interest rates and your monthly budget won’t feel as tight as things get busier in the future. Plus, you’ll have more time to save up for a down payment without competing against other buyers who might need more cash on hand right away.
Home affordability is Still In Your Grasp
Purchasing a home is usually the largest purchase you’ll make in your lifetime, and it may make sense to buy the most expensive home if it means you’ll get more space for your family. But keep in mind that it’s not too late to get a mortgage with affordable payments and plenty of room for your family. For example, one of the best places to buy a home right now is in Dallas, Texas. You can get a 5-bedroom house for $400,000 and an affordable monthly payment of $1,800. That house would cost 10% more in Chicago or Los Angeles. And if you’re looking for a smaller home, there are other attractive options out there at prices that won’t break the bank either! Keep reading to find out why 2022 is such an excellent year to downsize or upscale your home! Although the Denver Foothills have seen a pretty large increase you need to look at home buying as an investment.
The economy is Stable Right Now
6) Homes are more affordable than they’ve been.
It’s been a long time since homes have been this affordable, so now is the time to take advantage of it. If you’re considering buying a new home, wait as long as possible. Prices will only continue to go up as the economy improves. On the other hand, if you’re looking for a smaller place, there are many homes on the market that are perfect for downsizing your family.
Conclusion on Why 2022 is a Great Year for Real Estate.
Don’t wait too long to make this important decision! 2022 is a great year to consider either upsizing or downsizing. One of the reasons why it’s the perfect time is because home prices are on the rise. If you’re thinking about buying a new house, there are tons of homes on the market that are perfect for your needs. Give these tips a read for more information.
Best Real Estate Agents in Evergreen, CO
If you’re planning on selling your home, it pays to work with the best. The team at Orson Hill Realty Evergreen Real Estate is made up of dedicated professionals who are committed to putting your interests first. The best real estate agents can help you find your next home
Here are just some of the benefits that our top-rated real estate team has to offer.