What does the New Year of 2018 have in store for the housing market?? Consider the following few things:
1. Both home prices & values are expected to rise moderately. The Atlanta Metro area homes, in particular, are expected to have an increase of around 5%. Rental rates, finally, will not rise near as quickly as the home prices for the first year following the financial crisis. While this may take some pressure off of those who rent in the short term… it still remains true that now is an EXCELLENT time to consider purchasing your next home while the rate you could get is still at historical lows.
2. New home construction will increase. Builders are expected to increase their new home construction projects at a very brisk pace! This will be in hopes of taking the pressure off of the already dwindling existing home inventory.
3. Existing home inventory will continue to be tight….as it has consistently been for some time now. So, positioning yourself for success in the Home Buying Process is critical if you are to get your offer on that dream home you have your heart set on accepted. You can do this by making sure you are FULLY PreApproved & underwritten prior to making any offers to the sellers.
It is inevitable, the mortgage rates are likely to increase. Since the start of this new year, the housing market has experienced about a quarter percent increase in the rates already. It is estimated that this trend will continue as we move forward into the year, albeit slowly.
As always, Happy House Hunting! 🙂