What to Expect When Buying or Selling a Home in 2018
It has been a seller's market for a while now, and industry experts expect that to continue into 2018. While it may be challenging for many home buyers, this is good news for potential sellers, since home prices are expected to continue to creep upward because of demand and lack of inventory. However, buyers can still make adjustments that will make purchasing a house a bit easier on them and their bank accounts. As with most investments, timing will be everything.
2018 Real Estate Forecast
It is expected that the 63.9 % homeownership rate, reported by the U.S. Census Bureau as of the third quarter of 2017, is going to inch upwards. What else is expected to rise? Interest rates are expected to slowly increase, and home prices will continue to rise. But it is predicted the increases in prices will not be as much as the increases seen in the last two years. Home prices rose slightly above 6% in 2016 and 2017, according to the Federal Housing Finance Agency, but 2018 predictions anticipate only a 4.1% increase in existing home prices nationwide.
Here are a few things to consider if you’re buying or selling this year:
Now is the perfect time to speak with your real estate agent and get pre-approved for a mortgage with your lender. It will prepare you to be ready for whatever 2018 holds in store for you – buying, selling or both!