What to Know Before Buying a Home in 2022

The home buying market has been on fire for the last couple of years, but many buyers starting into it in 2022 are cautious. Not only because of the massive bidding wars that broke out in 2021 but also the worry of this being a housing bubble set to burst is real.

If you're stepping into the housing market and you're not sure what to expect, here's everything you should know before you buy a home in 2022.

Home Prices Aren’t Rising as Fast as 2021

Housing prices skyrocketed in 2021, up as much as 15% in some areas, an unheard-of amount in such a short period. Because of that, many buyers just entering the market are scared this means that they'll have to fight off people constantly to even get a bid in. Fortunately, this isn't the case since prices and purchases will be slowing down in 2022. This means fewer bidding wars and fewer unexpected price jumps.

This Rise Is Expected to Continue For A While

Another concern many have is that it's just a short-lived housing bubble that will end any moment now. Many economic experts have agreed this is not a housing bubble. This means that if you buy a home right now, you don't have to fear its value by half by the end of the year. By the end of 2022, most home prices are expected to rise by five percent, a slower and steadier increase.

You Need a Good Home Inspector to Spot Flip Fails

An out-of-control market means that home flippers will try to get in on the game. Flip fails are when flippers buy a home for cheap, 'fix it up for cheap and then nearly double the price. These flips often include covering up glaring issues that could risk peoples' lives. Although there are good house flippers out there, every buyer should be aware of the risk of finding a poorly flipped home so that you don't fall in love with a home that would put your family at risk. One of the most important steps to buy a house is to get a home inspection: make sure you get an opinion you can trust.

There's More Competition Than You'd Believe

The competition isn't just from families! In 2021, a driving reason some people were buying homes was to use it as an income property. But unfortunately, this means they're taking homes off of the market to market as rentals, which is squeezing the housing market even tighter. Although this is nice to have when you're a renter, as a buyer, it can feel like the only good options keep getting snatched from your hands.

Don't Settle to Score a Property

Even if you're tired of competing with people buying for rental properties, or you're cautious about the market, don't just leap at the first available home that doesn't have a line out the door. Instead, keep looking at houses and only send in offers when it suits your needs.

Everyone Deserves a Home They Love

Whether this is your first home or you've bought and sold four, you deserve a house that feels like home! So consider some of these points before buying.

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