Buying real estate in 2018
Even though it may be a buyer’s market next year, it is important to keep in mind that everyone will not be in a situation to make the most of the situation. Despite slowing costs, experts still expect housing prices to exceed pay growth, which could make it difficult for some people to buy a house, especially those with low-incomes. In addition, prices in the hottest markets in the country, such as Denver, New York, San Francisco, and Boston, are not expected to drop much next year.
There will be more houses on the market
The market’s pricing slowdown will cause more homeowners to put their homes up for sale, which means buyers will have more options. Due to the appreciation of home prices, experts will see more sellers take their homes to the market in 2018. crested butte condos for sale is expected to grow next year as builders focus more on mid-range homes. This should boost inventory and make things easier for buyers.
Cheap mortgages may disappear over the next few months
It is expected that the Federal Reserve will soon begin to raise interest rates, which means that the window to ensure a low mortgage rate is closing. Although the forecast is for interest rates to rise little by little, higher interest rates tend to increase overall costs and associated mortgage payments. People are on the verge of getting the best rates they have ever seen, but without a doubt, the sooner you buy, the better.
Rentals will remain high
It is expected that rental prices will continue to rise in 2018, which means that buying a house could be much cheaper than renting one. Although mortgages may become more expensive, buying may still be the best deal for most people. Interest rates would have to rise to about 6.5% so that the cost of buying equals that of renting nationwide.