When 99% of the experts agree on something, chances are it will happen as predicted. Then again, most everyday folks that I chat with also agree on this subject – home prices will increase.
Prices are market driven. We have a growing population, there is X amount of homes built and a lot of folks tired of paying their landlords mortgage (are you?). Have a look at the chart – and some of our other posts. If you are a first time buyer, seriously consider jumping in the market with a lesser amount down – let appreciation work for you. It is very hard to save more for a down payment when prices are rising faster than you can save!
No matter if you are a first time buyer or a move up buyer – rising interest rates can affect you and not only in a higher monthly payment but higher housing cost if you delay. The explanation in today’s report should make that exposure real clear. If you have questions about the economics of it or how you can best beat it, call me – Al.
Rising interest rates are not slowing down demand for existing homes. But sales are being impacted by the biggest housing shortage in 60 years according to the Federal Reserve! It would be nice to see more homes on the market – it just is not happening. Whether you are shopping or selling, this is an opportunity not to be missed.