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Home / Blog / Buying a Home / Home Prices Projected To Go Up – Now is a Good Time to Buy

Home Prices Projected To Go Up – Now is a Good Time to Buy

March 24, 2018 By Mary Catchur

Rising house prices and home price price increase or growth as a soaring real estate value financial concept and sold houses in a shopping cart going up a roller coaster as surging residential business financial concept.If you are thinking about buying a home, now might be a good time to make a move. Home prices are expected to rise over the next year, so buying a home sooner than later might save money.

Home Prices Continue to Rise as Inventory Falls

For the seventh year in a row, home prices are expected to rise, though they may not grow as quickly as in previous years. Furthermore, there is expected to be a shortage of homes as supply diminishes. As the economy grows and the unemployment rate falls, home prices will continue to rise, and rents will continue to increase as vacancies remain low.

Related: It’s Better to Buy a Home in Tampa Than Rent for 2018

Still a Good Time to Buy a Home

According to a survey by Fannie Mae, people still believe it is a good time to sell their home, and many people feel better about their job.

This is a distinct change from December 2017, when rates dipped.

“HPSI rebounded from last month’s dip to a new survey high in January, in large part due to the spike in consumers’ net expectations that home prices will increase over the next year,” said Doug Duncan, senior vice president and chief economist at Fannie Mae told Matthew Classick. “Results may continue to fluctuate over the coming months as consumers sort out the implications of the newly passed tax legislation on their household finances. Over the past year, continued home price growth has helped spur a sizable increase in the net share of consumers who say it’s a good time to sell a home but also a modest weakening in the net share who say it is a good time to buy. At the start of 2018, it is still too early to determine the overall effect of the new tax legislation on housing, and we will need to see whether positive impacts on both housing demand and supply materialize in the coming months.”

Prepare Now to Get a Mortgage

As the economy continues to improve, pushing home prices and interest rates up, increasing numbers of people will want to buy a home in the near term.

Related: Florida’s 2018 Economy and Housing Market Projected To Remain Strong

If you plan to purchase a home in the next few months, you should start working with a mortgage broker to be pre-approved for a mortgage.

Pre-approvals are important because:

  • They demonstrate to Realtors and sellers that you are a serious buyer.
  • They show you are financially qualified, and there is a high probability you are able to close on the home.
  • They let you know how much you can afford to pay for a home.
  • You are a more competitive buyer, because you can close more quickly compared to people who are not pre-approved.

Related: 4 Phases of the Mortgage Approval Process

Marimark Mortgage

Marimark Mortgage serves the mortgage needs of homebuyers, homeowners, and investors in Florida, Virginia, and Pennsylvania.

We specialize in conventional home mortgages, FHA, VA, and USDA mortgage options, refinance loans, and reverse mortgages. We’ve worked extensively with cash-out refinancing and help clients to lower their monthly mortgage payments.

To get started with a mortgage to buy your next home, please fill out our Quick Mortgage Application, or contact us direct.

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Filed Under: Buying a Home Tagged With: Mortgage

Opinions, estimates, forecasts and other views contained in this page do not necessarily represent the views of Marimark Mortgage or its management and should not be construed as an offer to provide financing at the rates or terms mentioned. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval. Although Marimark Mortgage attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. Information from this page may be used with proper attribution.

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