What You Need to Know Before Looking for Houses for Sale in Lake Oswego and Beyond
In light of recent world events, many potential home buyers are hesitant to enter the real estate market. Most buyers have concerns over mortgage rates, rising housing prices, and uncertain job stability. If you’re looking for houses for sale in Lake Oswego and beyond, you may be wondering: is it a good time to buy property in 2022?
LUXE Forbes Global Properties has the answers for you.
The Real Estate Market in 2022
Last year, there was a large gap in the real estate market. Both sellers and buyers were hesitant to buy or sell property. This caused low inventory and high demand, inflating home prices by a noticeable margin. Sellers who did sell their property saw amazing returns. Buyers, on the other hand, were in fierce competition for any available homes. Despite low-interest rates, buyers were more concerned about their job security and finances: after all, the pandemic was still a major factor in the real estate market.
In 2022, the current real estate market conditions are changing.
Interest rates are steadily rising. For buyers, higher interest rates indicate a higher monthly mortgage payment. Home prices are also on the rise: unlike 2021, however, property prices will increase at a much slower rate.
2022 is a good year for homeowners who want to sell their property. There is still a lack of available homes on the market, making it a great time for sellers to put their property out there. Competition is still fierce. Well-priced properties are selling at a rapid pace, making it hard for potential homebuyers to close a deal. If you’re looking to buy a property this year, you need to anticipate fierce competition.
Although the housing market is currently difficult to navigate, commercial real estate remains a fairly stable area. At the height of the pandemic, many store owners had to close their doors. This resulted in an abundance of commercial properties on the market. In 2022, COVID restrictions have eased, allowing most businesses to return to normal capacity. If you’re looking to invest in commercial property, now is a perfect time.
On the other hand, selling your commercial area in 2022 may not bring you the best results. It’s currently a buyer’s market when it comes to commercial real estate. As such, your property may sell for lower than it’s worth.
The current housing market may not be appealing to buyers. If you want to buy a home in 2022, you’ll need to prepare yourself for high prices and higher competition. You aren’t guaranteed a property unless you make a large downpayment or offer to pay in cash. Finances play a large role in buying a house: if you feel like your funds aren’t in a good place, you may want to wait for the market to shift in the buyers’ favor.
On the other hand, 2022 is a great time to sell your property. You’ll be able to find great deals thanks to the low inventory of houses for sale in Lake Oswego and beyond.
The number of houses for sale in Lake Oswego and beyond is likely to increase towards the end of the year. This should even out housing prices and interest rates, allowing buyers to enter the real estate market with decreased risks.
No matter what the state of the housing market is, it’s ultimately up to you to decide when you want to buy a house. Buying property is a major undertaking that requires careful planning. Financial advisors and real estate professionals will be able to help you understand the complex areas of buying or selling property, allowing you to make informed decisions while navigating the market.
Generally, you’ll need to consider the following aspects:
FInances are the largest aspect of real estate. Buyers and sellers alike watch the real estate market for this very reason: an unfavorable market can rack up huge costs, leading to an increased interest and mortgage rate.
For most buyers, getting a mortgage is the most viable option. This type of loan allows you to finance a home without hurting your financial stability. That being said, mortgages can take a fair chunk out of your budget, so you will need to assess your expenses before getting a loan: is it a viable decision, or will it lead to a monetary struggle? Consult a financial advisor or mortgage lender to get a clearer hold on your financing.
By having your monetary affairs in order, you’ll be able to safely secure a property.
Housing Needs and Preferences
Before looking for houses for sale in Lake Oswego and beyond, you’ll need to define your needs and preferences. It isn’t advisable to buy a property simply because it’s at an affordable price. To ease the process, ask yourself some of the following questions:
How many bedrooms and bathrooms do I need?
How far is the property from important facilities, such as grocery stores or hospitals?
Do I want a large backyard?
Your real estate agent will be able to match your needs to the perfect property. Aside from making sure you’ll be comfortable in your new home, defining your preferences makes it easier to budget for a property. You don’t want to pay for unnecessary rooms and amenities!
The Takeaway: The Right Time to Buy Property Depends on You
Ultimately, it’ll be up to you to decide when you want to buy property. The real estate market constantly changes, so you will need to assess its current state and determine if it’s something you’re willing to work with. Reach out to real estate professionals. With their help, it will be easier to understand the trends of the current market.
Find the Perfect Houses for Sale in Lake Oswego and Beyond
LUXE Forbes Global Properties is a boutique and a real estate agency based in Oregon. As Oregon and Washington’s exclusive affiliate office, LUXE is the market leader for exclusive residential and commercial properties, vineyards or wineries, and equestrian facilities. We also offer exclusive luxury properties for our buyers who are looking for something special!