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Were you an eager hopeful ready to buy in 2021 then inventory started to dwindle, home prices increased, and your pool of options slowly started to shrink? You may have decided to sit this round of your search out with plans to jump back into the market in 2022 only to be met with the same challenges you faced in 2021. Is it a good idea to continue to hold out for hopes of a market cool-down? Here are a few things to consider before you press pause on your 2022 game plan.
Increasing Home Prices Remain
Home prices have reached record-breaking highs between 2021 and 2022. In March 2022, the median sales price was $300,000 — a 9% increase year-over-year. Local experts aren’t predicting a sharp decline in prices any time soon.
Rising Mortgage Rates
Mortgage rates are climbing again — currently hovering around 5%. This spike paired with high demand and low inventory has some buyers choosing to jump into the market now before rates change any further. How fast rates will rise and by how much remains a mystery but could further delay your plans if you wait too long.
Rising Rental Costs
You may be toying with the option to rent to wait out the flood of buyers, but there might be a hole in your rental safety net. Virginia ranks 19 of 56 states and territories for the highest states to rent. You’re going to face similar challenges on the rental side of the market —lack of inventory and high demand.
If you’re holding out for significant change in the opposite direction of what’s been trending in the housing market, it looks like your chances of seeing change are slim, and renting may not be the safest option it once was in the past. Instead of waiting, use REIN.com to put you in the best position to find the right home at the right price. REIN.com is powered by REIN MLS, the Hampton Roads Multiple Listing Service, so you have access to the exact same information that real estate professionals use every day. Because REIN.com’s listing data comes from the local MLS, you’re getting the most accurate information from a reliable source. Here are some additional benefits of using REIN.com in your home search.
- View the freshest listings as soon as they hit the market by searching for properties listed within 24 hours.
- Take a virtual tour.
- Browse open houses.
- Prioritize your search results so you see the best possible matches first.
- Fine-tune your search by eliminating listings that don’t meet your wants and needs.
- Track home price increases and decreases.
- Take REIN.com with you wherever you go with the REIN.com mobile app, and gain access to augmented reality search capabilities, calculated commute time from work or school, and in-app chat ability.
Consider what’s best for you at this time, and connect with one of more than 9,000 agents to help you navigate the market. Ready to buy, but you’re not sure what you can afford? Check out the mortgage calculator to help estimate possible monthly payments. Download the REIN.com app and put the power of fresh and accurate listing data in the palm of your hand. Available in the App Store and Google Play Store. For local listings you can trust, start with REIN.com.
