Inventory Shortages in both the new- and existing-homes sectors, along with high buyer demand, have
prompted home prices to escalate, fueling bidding wars. Despite a red-hot real estate market, most aspiring buyers can still afford to buy a home—if they can find one. But it may not be that way for much longer.
“Buyers should be prepared.” “It’s going to be more expensive to afford a house over the course of 2018. … Interest rates went up a little bit, and home prices went up as well.”
Mortgage rates have increased for the past five consecutive weeks. Lawrence Yun, chief economist for the National
Association of REALTORS®, predicts that mortgage rates will reach 4.5 percent by the second half of the year.
As mortgage rates continue to inch higher, consumers are bracing for steeper home buying costs this spring. Households earning the national median income of $68,000 a year could afford about 59.6 percent of new and existing homes that were sold in the fourth quarter of 2017, according to the National Association of Home Builders.
The trade group’s latest report looks at home prices, mortgage interest rates, and median household income across 238 U.S. metros.
Thank the lack of homes on the market, and of construction to build new ones, for the price bumps. The lack of inventory has led to bidding wars, offers over asking, and a whole lot of frustration.
Are you ready to Sell? Your agent will research sale prices on other Comparable Homes in your neighborhood to help you set your sale price. It’s important to get the price right the first time.
“Buyers should be prepared.” “It’s going to be more expensive to afford a house over the course of 2018. … Interest rates went up a little bit, and home prices went up as well.”
Mortgage rates have increased for the past five consecutive weeks. Lawrence Yun, chief economist for the National
As mortgage rates continue to inch higher, consumers are bracing for steeper home buying costs this spring. Households earning the national median income of $68,000 a year could afford about 59.6 percent of new and existing homes that were sold in the fourth quarter of 2017, according to the National Association of Home Builders.
The trade group’s latest report looks at home prices, mortgage interest rates, and median household income across 238 U.S. metros.
Thank the lack of homes on the market, and of construction to build new ones, for the price bumps. The lack of inventory has led to bidding wars, offers over asking, and a whole lot of frustration.
Are you ready to Sell? Your agent will research sale prices on other Comparable Homes in your neighborhood to help you set your sale price. It’s important to get the price right the first time.
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