Rising mortgage rates and home prices have made 2022 a great time to be a homeowner and a tough time to be a homebuyer, which has led to a wave of FOMO (Fear Of Missing Out) amongst homebuyers.
In fact, nearly 70% of respondents regret waiting to buy or refinance their home when rates were lower, according to a survey by U.S. News & World Report.
But when life hands you lemons, you make lemonade. Homebuyers that missed out on ultra-low mortgage rates, still have time to lock in a rate that is historically very low and start earning home equity instead of chasing home prices.
We asked Beverly Harzog, U.S. News & World Report personal finance and credit card expert, how home shoppers with FOMO can jump start the homebuying process.
Here are her 7 pieces of advice for homebuyers just beginning their search:
