What to expect when you're buying a house in 2022

What to expect when you're buying a house in 2022

A shortage of homes has fueled competition among buyers in the last few years.

But the supply has improved since summer this year.

Here's what you can expect as a home buyer in 2022.

Higher mortgage rates and steep home prices.

Competition is still hot for modernized, move-in ready homes, but not so much for properties that need work.

Down payment requirements can be as low as 0% for some mortgages.

If you expect to live there for a decade or longer, you'll likely be able to refinance your mortgage to a lower rate.

There's also talk of a looming recession. If you wait to buy you could avoid potentially overpaying for a home.