Success Strategies for 2022 Homebuyers

If you’re a homebuyer without a home to buy, the ongoing housing shortage is making housing to buy less affordable by the day. Certain factors should change with time, which should provide you with a better chance to buy a home in mid-to-late 2022.

One factor that helped fuel the current housing market boom was record low interest rates. According to the latest weekly Mortgage Bankers Association survey, the average contract interest rate for a 30-year fixed-rate mortgage (FRM) under $647,200 was 5.20% with 0.63 points. That’s a quick rise from the record low recorded by Freddie Mac in December 2020 of 2.68% for the same FRM loan.  As a borrower you could ask your lender about a hybrid mortgage that gives you a lower adjustable rate for a fixed period of five years before the rate adjusts to a fixed rate.

Since the Great Recession, there’s been a serious shortage of new homes being built. The National Association of REALTORS says the U.S. needs to add 550,000 more homes to its 1.5 million annual average for the next ten years to make up the shortfall that’s now calculated to be about 6.8 million homes, after accounting for demolitions. Builders need more labor, more land and an end to supply chain shortages to meet this goal.

What can you do? Buy an older home that needs work. You’ll have the option of improving it or tearing it down and rebuilding when the market improves.

About the Author
BERKSHIRE HATHAWAY HOMESERVICES MEADOWS MOUNTAIN REALTY has been serving the Highlands NC and Cashiers NC areas offering exclusive mountain real estate and country club properties since 2003.

We recognize that there are many important aspects to consider in making a real estate choice. With that in mind, we listen closely to the needs and desires of each individual customer and work diligently to find the ideal mountain property or to sell your property as efficiently and effectively as possible. However, our job does not stop there.

Once you have made your real estate decisions, we are here to help you in any way that we can. It will be our pleasure to familiarize you with all aspects of the Highlands and Cashiers communities, including home, professional and personal services as well as activities, restaurants, health care and shopping. We will go the extra mile to ensure that your experience in the mountains exceeds your expectations.