The real estate market has shifted tremendously since the start of the coronavirus pandemic. Now, over two years since COVID-19 reached the U.S., the market continues to adjust to the changing economic environment, rising inflation and fluctuating demand. With the busiest home-buying season fast approaching, it’s important to know what to expect if you’re looking to purchase a home in the near future. Here’s what you need to know about taking out a home loan in 2022.

Tips for buying a house in 2022

If you plan on buying a house in 2022, here’s how to make the most out of your search:

• Get pre-approved. It’s always a good idea to get preapproved for a mortgage before you start your search. It’s even more important in a sizzling real estate market like the one buyers are facing today. A preapproval gives you a leg up on bidding wars, shows potential sellers that you’re serious about buying and helps you keep your search within parameters you can afford.
• Shop around for a mortgage. While mortgage rates are still relatively low, each lender sets their own rates and closing costs. Shopping around or finding a lender that offers a meet or beat guarantee before choosing a mortgage lender can save you money in the short and long term.
• Use a local real estate agent. In a tight housing market, it’s important to use an agent who knows the area well and can give you a realistic picture of what you can expect to pay for the home you want.
• Prioritize carefully. Every homebuyer has a wish list of features they’d love to have in their new home and neighborhood. But, when supply is limited, absolute must-haves need to be chosen carefully. Narrow your list as much as possible before beginning your search, as it will help you to avoid disappointment later on.

Keep these tips and considerations in mind as you begin your quest for the perfect new home. A little “pre-home” work can help make a big difference in the enjoyment of your home and your overall financial health for years to come!

Have questions or need help getting started? Reach out to Personalized Real Estate Solutions to begin your home search and Northern’s Home Lending team to finance your new home! Call or text 315.782.0155, connect with us through Video Banking or chat with us by clicking the green chat icon at the bottom right of the page.