Why Houston-area homebuyers need to hustle.
In spite of the pandemic, Houston set new records for single-family home sales in 2021. The Houston Association of REALTORS believes that its virtual technology helped buyers overcome COVID-19 concerns. Allowing people to attend open houses and view properties remotely kept the market moving while keeping families safe.
If you’re thinking about buying a home in the next few years, you might want to accelerate that pace. In addition to a fast-moving sales cycle for homes, the Federal Reserve has indicated it is likely to raise interest rates at least once in 2022, which means mortgage rates will start to creep up.
The Fed has indicated that the first increase will probably occur in March, which means you’d want to get your home loan before rates go up. If you don’t buy a home before that first increase hits, it’s still smart to make your purchase sooner rather than later since interest rates will potentially increase two or three more times this year.
“(Today) supply and demand imbalances related to the pandemic and the reopening of the economy have continued to contribute to elevated levels of inflation,” the Fed reported.
In today’s fast-moving real estate market, there’s no time to waste. Contact us today, and let's see how we can help you start your personal homebuying journey.
If you’re thinking about buying a home in the next few years, you might want to accelerate that pace. In addition to a fast-moving sales cycle for homes, the Federal Reserve has indicated it is likely to raise interest rates at least once in 2022, which means mortgage rates will start to creep up.
The Fed has indicated that the first increase will probably occur in March, which means you’d want to get your home loan before rates go up. If you don’t buy a home before that first increase hits, it’s still smart to make your purchase sooner rather than later since interest rates will potentially increase two or three more times this year.
The reasons rates are rising
When inflation is high and the job market is strong — like both are today — the Federal Reserve typically raises interest rates to help slow down inflation.“(Today) supply and demand imbalances related to the pandemic and the reopening of the economy have continued to contribute to elevated levels of inflation,” the Fed reported.
It’s never too soon to house hunt
You may have heard that late spring is a good time to buy or sell a home. That’s often true, because families want to finish the school year before making a move. However, since Houston-area homes are selling quickly — and since interest rates are expected to rise in the near future — you may want to start looking at listings soon.In today’s fast-moving real estate market, there’s no time to waste. Contact us today, and let's see how we can help you start your personal homebuying journey.