What You Need to Know About Buying a Home in 2022

 

2021 was a year like no other. Homes were sold in hours not days, bidding wars resulted in people paying way over asking price, and buyers waived appraisal or home inspections to ensure a faster seamless closing. The 2021 buyers’ market was tough and at times overwhelming, but if you are looking to purchase a home in 2022, there are a few things I reminded my clients of:


  • 2022 prices are likely to go down a little or level out for the short term.  Although do not expect prices to go down enough to find discounted homes.  Prices should remain stable, but experts are cautioning you will be renting for too long if you are hoping to wait it out for prices to plummet. And as a reminder, rents have increased over 10% in many areas in the last year.

  • Mortgage rates are still lower than they have been in years.  Rate are creeping up slowly but do not panic, you can still get a lower mortgage rate for your loan. I will help advise you on when it is best to lock-in your mortgage rate. If we end up in a mini recession (everything is cyclical) at the end of this year/beginning of next year then rates should start coming down again.

  • Home values are not expected to depreciate, but the rate at which home values are appreciating could slow down this year. Last year we saw historic appreciation gains in home equity. For 2022, experts are predicting this will slow down. This means if you have a house to sell first before buying, now may be the time before appreciation levels off.  Consult with a realtor to go over your home selling strategy.

Lasty, I cannot emphasize enough how important it is to get TBD Approved or Pre-Qualified (at a minimum) for a mortgage prior to home shopping. A TBD Approval is when your loan application is fully reviewed by an underwriter and approved before you even put in an offer. This allows for a much quicker settlement whereas my buyer’s information has been verified already. Most buyers are only pre-qualified and not fully approved. An approval is not just an estimate, this allows my clients to be confident in what they can afford and details how exactly to ensure a successful closing. Start the TBD approval process today!

Kevin Berju, Branch manager AFN. www.phillymortgageteam.com 215-681-3587




Article Written By: Kevin Berju, Branch Manager AFN, www.PhillyMortgageTeam.com

American Financial Network NMLS # 137213


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Kevin Berju starts Philly Mortgage Team with over 25 years in the mortgage industry. Prior to working with residential and commercial mortgages, Kevin graduated with a business degree from Temple University, owned his own business, and worked as an agent for years in both commercial & residential Real Estate. With Kevin’s diverse knowledge of the real estate and mortgage industries, his clients are thoroughly guided throughout their home buying or refinance process. As a result of his knowledge, attention to detail, responsiveness to his clients, and exceptional work ethic, Kevin was awarded the Five Star Mortgage Professional recognition in Philadelphia Magazine for the past successive years as well as reaching the top 1% of all originators country wide since 2012 as designated by Mortgage Executive magazine.

As a mortgage professional for over 2 decades, Kevin is an invaluable resource for both first-time and experienced home buyers. With his accomplishment of the Certified Mortgage Planning Specialist designation, Kevin is placed in an elite group of the top 5% of mortgage professionals in the industry. Looking to Purchase or Refinance in Pennsylvania, New Jersey, or Florida? Kevin Berju is the Lender for You!


Venture Philly Group

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info@venturephilly.com

o. 215.592.9522

604 S Washington Square, Philadelphia, PA

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