The start of 2022 means that real estate is on the minds of many who are thinking of buying or selling a home with a fresh year upon us.
On the latest episode of “You Have Real Estate” with Attorney Justin Clark, local Realtors Vivian Lehman and Karen Arbutine offer insight to key questions buyers and sellers have as the market for 2022 takes shape.
What is the outlook for 2022?
Both Lehman and Arbutine expect more of the same in 2022, with low mortgage rates and rising prices dominating the market.
“I see a carbon copy of this year,” Arbutine said.
Is it better to buy or rent?
Despite the high prices on homes, Lehman feels it’s still a great time to buy, due to how low the mortgage rates are. Low rates means more affordable payments for families, and often means a house payment will be lower than a rent payment.
“The rate is incredible right now,” Lehman said.
Lehman also said buyers shouldn’t concede just because a house goes under contract or has multiple offers, because 30% to 40% of homes that initially go under contract go back on the market.
“Don’t be afraid to do a backup contract,” Lehman said.
Where do you go if you decide to sell?
This has been a popular question for many who see the values of their homes skyrocketing and want to cash in on the growing equity.
Some have been selling homes and renting apartments, while others have been selling and moving into RVs.
But having an idea of where you want to go if deciding to sell is essential.
“Let’s not list your house until you have a plan on where to go,” Arbutine said. “That’s very important.”
For more information, watch the video above.