“With prices appreciating and low interest rates available, it’s a perfect time to buy or sell a home.”
Shifting trends and industry-leading research are pointing toward some valuable projections about the status of the housing market for the rest of the year.
If you’re thinking of buying or selling, or if you just want to know what experts are saying is on the horizon, here are the top three things to put on your radar as we head into the coming months:
- Home prices are appreciating at a more normal rate: Home prices have been appreciating for about ten years now. Experts at the Home Price Expectation Survey, Mortgage Bankers Association, Freddie Mac, and Fannie Mae are forecasting continued growth throughout the next year, although it should be leveling-off to normal appreciation (3.6%), as we move into 2020.
- Interest rates are low: Over the past 30 years, the average mortgage rate in the United States has been 8.27%, and rates even peaked as high as 18% in the 1980s. Today, at 3.81%, the rate is considerably lower than the historical 30-year average. Although experts predict it may climb into the low 4% range in the near future, that’s still remarkably lower than our running average, suggesting a great time to get more for your money over the life of your loan.
- An impending recession does not mean there will be a housing crash: Although expert research studies such as those found in the Duke Survey of American CFOs and the National Association of Business Economics, are pointing toward a recession beginning within the next 18 months, a potential recession isn’t expected to be driven by the housing industry. That means we likely won’t experience a devastating housing crash like the country felt in 2008. Expert financial analyst Morgan Housel tweeted:
“An interesting thing is the widespread assumption that the next recession will be as bad as 2008. Natural to think that way, but, statistically, highly unlikely. Could be over before you realized it began.”
In fact, during 3 of the 5 last U.S. recessions, housing prices actually appreciated:
Bottom Line
With prices appreciating and low interest rates available, it’s a perfect time to buy or sell a home. Let’s get together to discuss how you can take the next step in the exciting journey of homeownership.
To view original article, visit Keeping Current Matters.
Home Prices Are Climbing in These Top Cities
Persistent demand coupled with limited housing supply are key drivers pushing home values upward.
How Buying or Selling a Home Benefits Your Community
It makes sense that housing creates a lot of jobs because so many different kinds of work are involved in the industry.
Tips for Younger Homebuyers: How To Make Your Dream a Reality
An agent will help you prioritize your list of home features and find houses that can deliver on the top ones.
What Is Going on with Mortgage Rates?
Based on current market data, experts think inflation will be more under control and we still may see the Fed lower the Federal Funds Rate this year.
What More Listings Mean When You Sell Your House
if you’re considering whether or not to list your house, today’s limited supply is one of the biggest advantages you have right now.
Now’s a Great Time To Sell Your House
Late spring and early summer are generally considered the best times to sell a house as these are the seasons most people move and buyer demand grows.