Don’t Wait To Buy! Buy Now By Kamesha Keesee
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s we get closer to the spring season, the market is shaping up to be what we hoped for for the last two years, but that doesn’t mean that buyers will have it easy! There is still an uphill battle but it shouldn’t feel anything like 2020 or 2021. Last year, we witnessed the home values skyrocket by nearly 20% according to data from the S&P Case-Shiller national index of home prices and while we do not expect the home prices to drop anytime soon (at least not this year), the increasing rate is expected to slow down. Most experts agree that home values this year might be increasing at roughly half the rate we saw during the peak of 2021. Buyers will still face crazy bidding wars. But they aren’t as intense as it was last year. This means sellers may not be having the upper hand for long, they may not be as selective when choosing between offers. For instance, in 2021, a trend I noticed in most parts of the
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The 2022 real estate market is looking more like a normal market!
Corona Housing Market was that all-cash offers and conventional loan offer where appraisal contingencies were waived were often needed to win bids. The market right now presents the perfect opportunities to buy as prices are reducing quite dramatically. If you are planning to buy during this year’s homebuying season in Corona, this is the time! RISING MORTGAGE RATES If you are keen and really interested in buying this year, you must have noted that the rates are 1.5 times higher than they were around this time last year. There are so many factors that are pushing the interest rates higher and in addition, there is the issue of rising inflation. What all this information means is that spring 2022 will be characterized by higher rates which can chip away at your buying power. You cannot wait any longer, waiting will compromise your JUNE 2022 | 77
