Do you know the current housing market?
March 12 2019
If you’re on the lookout for a great property at the perfect price, it’s important to know the market you’re buying in -- and know it well.
Armed with the right information, you can time your purchase properly, optimize your offers and accurately prepare for the hurdles you might face as a buyer.
Are you considering a home purchase this season? Take a look at what you can expect regarding mortgage rates, home prices and more:
- There is more existing home inventory. Mortgage rates declined at the start of 2019, making many homeowners more comfortable listing their properties and entering the market. This means more inventory for today’s buyers to choose from.
- Fewer new homes are being built. Housing authorizations and permits have been down as of late, according to recent data. Unless builders pick up steam, that likely means fewer new properties on the market.
- Home prices will go up, but not by much. Home prices have grown significantly over the past few years, but that trend has already started to slow. Prices are expected to rise this spring, but not by nearly as much as we’ve seen in the past.
- Sales will happen fast. Spring is a notoriously competitive season for homebuying. Homes will likely sell quickly, so you need to be on your game.
- Mortgage rates will probably increase. Rates have been pretty low so far this year, but with expected increases in the federal funds rate, that could change. Most economists expect mortgage rates will rise, making now a better time to buy than ever.
Need help navigating the current housing landscape? I’m here to guide the way. Reach out today.