Think Buying A Home Will Be More Affordable In 2019 Think Again

Think Buying A Home Will Be More Affordable In 2019 Think Again

Image title

There’s no denying that it’s tough out there for buyers. The inventory shortage has created a market that’s more competitive than normal. As a potential buyer, you might be thinking “I should probably wait until next year to make a move.

”But if you want to get the best deal on a home, you should probably rethink that idea.According to the most recent US Home Price Insights from CoreLogic, home prices are expected to rise 5.7% year-over-year—meaning a house you might be considering buying today will be 5.7% more expensive if you wait until this time next year to make a purchase.

What does that look like? Let’s say the house you’re considering making an offer on today is priced at $275,000. With a 5.7% increase, at this time next year that same house is projected to be listed at $290,675—$15,675 more than you’d pay today.

Not only are home prices projected to go up, but so are mortgage rates; Freddie Mac predicts that by the end of 2018, mortgage rates will increase an entire percentage point year-over-year—which will only make buying a home more expensive.

 

The Takeaway

If you’re waiting to buy a home in the hopes it will be affordable next year, do yourself (and your wallet) a favor—stop waiting and make a purchase.


Edward Meloni Headshot
Author:
Phone: 321-749-8851
Dated: May 12th 2018
Views: 97
About Edward: Edward is a Massachusetts native with an extensive background in the entertainment and convention s...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

eXp Realty Space Coast

Crystal River, FL
352-834-0823