Why Spring 2022 is the Time to Buy

Are you thinking of buying a home? If so, Spring is traditionally a great time to make your purchase. It’s when most sellers decide to list. This Spring, inventory is increasing like usual, but you still need to be prepared to act fast. Here’s why:

 More Home Listings, But Still More Buyers

With more active buyers in the market than there are houses for sale, the homebuying process may take more time and effort than usual. “If you begin your search now,” says Kaitlyn Baco, Sales Agent at ERA Justin Realty, “and work with a knowledgeable agent, you’ll be ready to make a good offer when your dream home hits the market.”

Home Prices and Mortgage Rates Are Climbing

Competition due to supply and demand is still driving up house prices, but it’s not expected to be as steep as last year. “Home prices are still going up,” says Jennifer Darby Metzger Broker/Owner of ERA Justin Realty, “but more slowly. Mortgage rates are climbing too, so if you want to buy a house it’s going to cost more the longer you wait.”

Rents Are Rising

Mortgage rates and home prices aren’t the only things on the rise. Rents are rising, too. Census data shows the average monthly rent goes up year after year. “That money is paying the landlord’s mortgage,” says Baco, “By buying yourself, you lock in a set mortgage payment, month after month, year after year. That’s saving you a lot of money in rent increases.”

Homeownership Has Many Perks

Homeownership is the American dream not just because of the financial benefits, but because of the power it has to change lives. Homeownership provides a sense of security and stability, which was particularly important to many people over the past two years. If the pandemic has changed your perspective, homeownership may deliver the perks you want, financially and emotionally.

 If you’re looking to buy a home this Spring, start looking sooner rather than later. Contact Kaitlyn Baco or any of the trusted agents at ERA Justin Realty by calling (201) 939-7500.