The real estate market has been experiencing an exceptional situation in recent months. After a pandemic whose consequences were well managed, the current economic scenario is complex. Therefore, if you think of buying a property in 2022, we recommend assessing the following aspects so as not to miss opportunities.
Five things you should know if you want to buy a home in 2022
1. The rise in interest rates.
The European Central Bank has recently raised interest rates by 0.75%, the highest rise in the eurozone. And already in July, it had increased another 0.5%. The purpose of these measures is to contain inflation. However, it also means higher mortgage prices and more difficulties accessing financing and repaying loans.
It is one of the essential issues you should consider before buying a home in 2022. Wait to see the evolution may not necessarily be the best option because the ECB could increase interest rates again. Besides, everything indicates Euribor will continue its upward path.
2. Demand will continue to be greater than supply.
Although the rise in mortgage prices may cause a cooling of the real estate market, the offer is still scarce. The reason is that in recent years the property stock has not been able to grow at the same rate as demand.
That's why the market will remain seller-friendly, and competition among home-seekers will not cease in the coming months. Therefore, abrupt adjustments in real estate are not expected, at least in the short term.
3. Prices will remain high.
Despite a possible slowdown in the market due to higher mortgage interests, there are no forecasts for significant reductions in housing prices. We expect prices will remain stable in the coming months. Only in the best of cases would they suffer a very smooth decline.
Therefore, buying a property in 2022 will still be a good decision if you find a home that fits your liking.
4. It is better to trust professionals to buy a house in 2022.
It is the specialists who best know the market and its evolution. They can assess the needs and the financing capacity to find the home that meets your expectations and lead you through the complex process of buying and selling a property.
Spainhouses.net makes it easy for you to get in touch with the best real estate professionals. They will offer you the advice you need along the process.
5. First of all, be realistic.
With such a complex situation, which makes savings and financing capacity more limited, being realistic is basic. Before embarking on the housing search, it is advisable to survey the market, make accounts and adjust expectations.
You can always find a home that meets your needs but does not involve economic drowning. Remember that calculating the initial investment budget and the monthly expenses is crucial. And, don't make any decisions in a rush. It is better to take a little time to evaluate everything calmly than to regret it afterwards.
In Spainhouses.net, you'll find a wide range of properties. Enter your search criteria and start viewing listings. For sure, among them is the house of your dreams.