How to decide right time to buy a house in 2022

How to decide right time to buy a house in 2022

While keeping an eye on rising and falling home values, the best time to buy a house is when you can afford it.

America is experiencing an affordability crisis due to lower incomes, lack of affordable housing and strict local zoning regulations.

Housing was most affordable in 2012 with availability of 78% of new and existing homes for sales based on family incomes and interest rates.

By the end of 2021, the score lowered to 6.6%, resulting in only 56% of home sales becoming affordable.

Borrowers must explore various loan options and benefit from low-interest loans if they have a good credit score.

The type of loan that a home buyer chooses impacts the cost of the home over the long term.

Mortgage rates are also on the rise with the average 30-year fixed rate ranging from about 5% to 5.5% in August.

Ensure that your employment is stable before thinking about buying a house.