2022 Buying Season: When is it?
While location is often considered the most crucial factor in real estate, timing shouldn’t be overlooked. Home prices, interest rates, and inventory are all subject to seasonal trends that can be incredibly frustrating for buyers seeking their dream home.
After a record-breaking 2021, and with mortgage interest rates heading higher, many shoppers are planning to make the most of this year. Some are looking to make a move that cashes in on the value of their current home, while first-time buyers are just hoping to get their start in a competitive market. But when is the best time for them to start their search?
Although it can vary by location, the busiest time in real estate is typically late spring into early summer. As the weather warms, sellers can ensure their curb appeal is at its highest. The end of the school year eases the complications of packing and moving for families. And the increase in homes for sale brings out the buyers looking for more options than they might have during the fall and winter months.
In other words, if it isn’t already underway in your region, it will be soon. The number of houses hitting the market in your area is likely to begin increasing each week, and the competition for them will be growing as well. Shopping during peak season requires an experienced agent who can jump on showing opportunities and a proactive lender who can have you ready to make your strongest offer.
Bargain hunters can make the case that buying season doesn’t start until peak season ends. Sellers who overpriced their home or got too late a start and are still on the market as summer comes to an end may have more motivation to get a deal done before they have to make the tough choice to continue their listing or try again next year.
Likewise, sellers who list in the late fall and winter months are likely to have external motivations, such as job changes or family demands that force them to list when demand is usually lower. One wrinkle for 2022 buyers looking for value could be that mortgage interest rates are expected to rise as the year progresses. If that scenario comes to fruition, peak season could come with more incentives than usual.
Your Buying Season
In reality, the best time to buy a house has much more to do with the buyer than the calendar. Although home values have risen dramatically in the past year, there’s little fear that a housing crash is on the horizon. Instead, buying a home continues to be a solid long-term investment that supports a homeowner’s efforts to build wealth.
Determining if you’re ready to buy begins with the confidence that you can find a property that will meet your needs for the foreseeable future. It also requires a history of smart financial decisions and budget planning that make a lender want to work with you. With both of those in place, there is a good chance that your buying season is ready to begin regardless of what month it is.
Call Open Mortgage to speak with one of our originators and start your home search with a complete understanding of your mortgage options. Explore our website to learn more.
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