You have made up your mind to buy a home, but are you sure that everything else will support you for buying the new home? Even if you go to a good realtor like Blu Skky Realty you will not be able
Housing Market Trend To Be Expected In 2018
One of your New Year resolutions says that you must move into your own home this year? Its great and in order to do that you must know about the latest trend of housing market for 2018 so that you can do exactly what is required for owning a home.
2017 had been a tough year for buying homes and now let’s find out what experts say about the 2018 trend.
There will be rise in home prices but not steep rise!
The rise in home prices will slow down a bit this year. According to Zillow and other realtor association this year will be a bit relieving for the first time buyers.
However, reading this does not expect that there will be fall in prices. They will be rising but the growth rate will be less. It is expected that there will be increase of about 3.2 to 4.1 % in home values this year.
So, you may not get homes at cheaper rate but it will not be something that is not affordable at all!
Inventory is everything
According to most housing experts there is not much inventory that is leading to this price raise. There are not enough homes for sale in the market and in order to get the good among the few you need good realtor like Blu Skky Realty. As they are experienced in the market they have good numbers of homes for sale at their disposal.
Among all these there is good news too. It is expected that next year more homes are to be hit the market. With more homes in the market there will be less competition and the prices may be under control.
Developers will build more starter homes, finally
There has been a trend of building luxury condos in the previous year. However, the market now seems saturated and there is less demand for those rare marbles or wine fridges.
Among all this is it possible for the builders to forget about the hungry market? Not at all and in order to feed the open mouth of the market they will shift to building starter homes instead of those condominiums. This is mainly because there is upsurge in the first time buyers in the market.
Mortgage rates will go up
With everything going so well there is also a hint in the market that the mortgage rates will raise this year! As the economy is stabilizing and there are almost full employment the Federal Reserve plans to increase the interest rates, slowly though!
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