Think buying a home will be more affordable in 2019?
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 might want to 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. This means a house you might be considering buying today could 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.
WANT TO FIND THE HOME OF YOUR DREAMS?
How about doing even better than that and buying it at the best price possible?
Then you should download your free copy of my booklet “The Ultimate Home Buyer’s Guide”.
Most people think finding the home of their dreams just sort of happens…
Like they’ll “know it when they see it,” or it’ll be love at first site. Sometimes that happens. But a lot of times, homebuyers miss out on great homes because they make some really common mistakes.
Finding and actually getting the best house for your wants and needs (let alone at the best possible price!) isn’t as simple as just being in the market, finding it, putting it in a shopping cart, and heading to the checkout.
There’s quite a bit to the process.
My buyer’s guide will demystify the process and give you a no-fluff, in-between-the-lines look at things most buyers either simply ignore, or don’t realize. (Even some agents don’t know some of the things I cover in this booklet.)
