According to industry leaders, home prices will continue appreciating this year. While experts are forecasting more moderate home price growth than last year, it’s important to note prices will still be moving in an upward direction throughout 2022.
What does that mean for you? If you’re selling so you can move into a bigger home or downsize to the home of your dreams, you want to consider moving now before rates and prices rise further. If you’re ready, you have an opportunity to get ahead of the curve by purchasing your next home before rates and prices climb higher.
If you’re considering selling to move up or downsize, this may be your moment, especially with today’s low mortgage rates and limited inventory.
Last week, the average 30-year fixed mortgage rate from Freddie Mac jumped from 3.22% to 3.45%. That’s the highest point it’s been in almost two years.
Experts have been calling for rates to rise in their 2022 projections, and the forecast is now becoming a reality. Here’s a look at the projections for this year:
Q1 2022: 3.4%
Q2 2022: 3.5%
Q3 2022: 3.6%
Q4 2022: 3.7%
As the numbers show, this jump in rates is in line with the expectations from Freddie Mac. And what they also indicate is that mortgage rates are projected to continue climbing throughout the year.
As rates increase even modestly, they impact your monthly mortgage payment and overall affordability. If you’re looking to buy a home, rising mortgage rates should be an incentive to act sooner rather than later.
If you are planning to buy or sell a home, please give me a call or text me at 215-499-4016 to set a time to discuss your situation. Visit www.HomesInBucks.com to learn more about my practice and how I can benefit you. It’s time that we all focus on the best path forward.
PHOTO CAP: Kathy O’Donnell, Realtor/Partner, RE/MAX Properties, Ltd.