Good news, in 2022, our real estate experts are predicting a more balanced market! While it won’t be shifting into a buyer’s market anytime soon, it does look like the supply of homes is forecasted to increase which will lead to prices having slower growth than the previous years. If you’re ready to buy a home this year in Maryland, you should take some steps to prepare so you’re ready to hop on your dream home when it’s listed. 

Buying a House in 2022

Besides working on the criteria for your dream home (maybe 3 bedrooms, 2 baths, and a swimming pool), you must have these things to prepare to buy a home. 

Mortgage Pre-Approval

A mortgage pre-approval proves to sellers that you are a serious shopper in the market. With a mortgage pre-approval, you know what is within your budget and what you can afford. This also allows you to put in offers immediately after seeing a home that you’re interested in. 

A Local Real Estate Agent

Working with a trusted local real estate agent allows you to gain insights into the current market and gain access to homes in the area that may not even be listed yet. They will have relationships with local experts, such as home inspectors, that will be helpful to you during the home buying process. A real estate agent you can trust will give you valuable home-buying advice and help you understand each step of the process. 

Patience 

With the market continuing to stay competitive, patience is key! Don’t get discouraged and keep searching for your dream home. New listings are always coming on the market so be prepared to hop on these opportunities quickly. 

Are You Ready to Buy a Home in 2022?

Have you considered the amount of time, money, and stress the process of buying a home takes? Before you decide to move forward with the steps above, you want to make sure that you are ready to take on the responsibility of homeownership. There are some personal considerations to take into account when you decide to buy a home in 2022. 

Personal Factors

To get the best return on the home you buy, you want to stay put for at least five years. This means you need to be ready to settle down your roots in the location that you select. Make sure the location and house you buy will sync with your personal and professional life goals. Ensure that you do your research on the neighborhood and select a location that fits your needs. 

Financial Factors 

Buying a home is much more than the cost of a down payment—can you cover the cost of closing fees and home repairs? When getting preapproved for a mortgage loan, lenders consider your credit scores and debt-to-income ratio. This means that you need to make sure your finances are secure before applying for a mortgage. 

 

Another factor to consider is your employment. This is a critical component of a mortgage loan application! Do you feel secure at your current job? A loss of a job could cause financial stress and leave you with a mortgage payment that you can’t cover. If you feel stable and secure at your job, and your finances are solid, then it is time to invest in a home. 

Next Steps

Working with a team of expert realtors can help take the stress out of buying a home, especially in this market! Low inventory can make people hesitate when considering making a move. However, we are able to get you access to off-market homes that match your exact home buying criteria before they are listed online or in MLS, which will help you beat out other buyers who are looking at similar homes! We also have many unique strategies we utilize to help our buyers find that perfect home. Call now to get this exclusive access and let us help you save time, money, and stress! Call us now at 304-316-6412.