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Buying A House in 2022? Here Are 3 Challenges You Can Expect In The New Year
January 11, 2022 @ 6:06 PM by: Angela Robinson
If you're serious about buying a home in 2022, here are the top three challenges you'll have to overcome.
1. Finding A Home
This will be a challenge for two reasons. First, you have to find a home you can afford. Second, you have to outbid the pool of homebuyers, who, like you, are desperate to buy a house.
2. Affordability
The real problem with a short supply of homes: it’s pushing the price of houses up. In fact, across the board, nearly every major financial institution, from banks to mortgage lenders, predict that housing prices will grow even more next year.
3. Mortgage Rate Hikes
When mortgage rates go up, your monthly mortgage payment will also go up. That could take affordability to another level: not only are you making an extremely expensive purchase, but you’re also paying more to borrow money for it.
See the full article here: https://www.fool.ca/2022/01/04/buying-a-house-in-2022-here-are-3-challenges-you-can-expect-in-the-new-year/