How (and Why) To Buy A House in 2022

Whether you’re a first time homebuyer or this isn’t your first rodeo, this is all of our first times in the latter half of 2022, when we’ve seen the market do some extraordinary things this past year. Buying a house can be an exciting and emotional process. Before starting your home search, you’ll want to understand the ins and outs of the current market, which will empower you to make decisions that are the best for you – and your wallet!

The record-breaking housing market has finally begun to cool, so if your plans were put on hold, now is the time to act! Despite there still being quite the disparity in supply vs demand, we are seeing lots of new construction in our area, so inventories are rising! Additionally, mortgage rates have likely peaked, so if this year’s spike scared you off, you can now comfortably assess and find your way back to the housing market.

“If you look to buy, bargain aggressively and be willing to walk away. Real estate most definitely is a good investment, but don’t just buy now because that’s what everybody else is doing.” says Ken H Johnson, co-author of the Beracha, Hardin & Johnson Buy vs. Rent Index.

There are all sorts of real estate schedules pointing to “best time to buy a home”, but at the end of the day, your own financial readiness is more important than the time of year. Having your finances organized and your credit in order ensures you’ll be able to smoothly secure a reasonable mortgage rate.

Outside of the nitty gritty on HOW to buy a home, like checking your credit, ensuring you have enough for a down payment, hiring an agent and the fun/stressful part of shopping (all of which we are more than happy to provide our expertise on!), let’s dive into the WHY. Purchasing a home is a major decision that obviously shouldn’t be taken lightly, but here are some things to think about when considering taking the steps to be a homeowner.

• What comes to mind when thinking about the importance of owning a home?
• Are you craving stability? Are you ready to settle in to the area you are looking?
• What are some amenities that are an absolute must for you? Create a wishlist!
• Are you prepared for the responsibility of maintaining a home?
• Would renting for another year or two improve your financial standing?

Life is full of tough decisions, but finding experts to help guide the way makes things like this that much easier to navigate. With 30+ years experience in Summit County’s real estate market, consider us your friendly neighborhood experts who can talk to you like a real human and help you find the keys to your mountain home!