Is NOW A Good Time To Buy A House? | Housing Market 2022 Forecast
Is it a bad time to buy a house? Are we heading towards a housing crash in 2022? These are some of the questions that many Americans have today. Between all time high prices and surging mortgage rates, it’s becoming more and more unaffordable to buy a house leading many experts to believe we are currently in a housing bubble in 2022.
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In today’s video I share with you the latest Housing Market Update along with my housing market Forecast for 2022. I’ll also answer the question is it the right time to buy a house.
So should you buy a house? I think yes if you’re able to answer yes to these two questions. Can you afford it? For me, I want to aim to spend no more than 25% of my income on all housing expenses. With that said, if it’s the difference between renting and owning, I would be willing to up that to 30% for the sake of getting in the housing market. I wouldn’t go past that though because regardless of housing forecast, you want to have yourself prepared and not in a position w. you’re over extended on housing on a monthly basis regardless of what the market does. Secondly, you want to ask yourself if you’re willing to hold it for the long term (5-7 yrs min) This is because if a housing market crash took place you may not be able to move so you want to be prepared to hold on to the house for a long enough time to ride out a potential recession. Now my housing market predictions for 2022 are that we will definitely see a slow down in price growth but not a crash. I’m thinking more like 3% appreciation instead of 17%. We’ll see less transactions but not necessarily declines in prices. I’ve seen many people on . sharing their real estate market forecast of housing crashes on the way but the reality is as long as we continue to have near all-time low supply in housing, prices won’t go down. It will continue to push prices higher.
So Is it a good time to buy a house? Well if you’re in the financial position to do it and are willing to hold on long term, I suggest not trying to time the market or worry about someone else’s real estate forecast and go ahead and purchase it. In the long run you’ll be fine and t.’s no telling if next year could be higher prices and higher interest rates forcing you to wait even longer. The truth is no one really knows what’s going to happen, we can just make our best guess so if you’re able to, I suggest going for it.
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Is now a good time to buy real estate