Will a home be more affordable in 2019?

Dated: 10/11/2018

Views: 6

There’s no denying that it’s tough out there for buyers. The inventory shortage has created a market that’s more competitive than normal. As a potential buyer, you might be thinking, “I should probably wait until next year to make a move.”

But if you want to get the best deal on a home, you should probably rethink that idea.

According to the most recent US Home Price Insights from CoreLogic, home prices are expected to rise 5.7% year-over-year. This means a house you might be considering buying today will be 5.7% more expensive if you wait until this time next year to make a purchase.

What does that look like? Let’s say the house you’re considering making an offer on today is priced at $275,000. With a 5.7% increase, at this time next year that same house is projected to be listed at $290,675—$15,675 more than you’d pay today.

Not only are home prices projected to go up, but so are mortgage rates. Freddie Mac predicts that by the end of 2018, mortgage rates will increase an entire percentage point year-over-year, which will only make buying a home more expensive.

The Takeaway

If you’re waiting to buy a home in the hopes it will be affordable next year, do yourself (and your wallet) a favor—stop waiting and make a purchase.

Blog author image

Monica Severson

Turning Transactions into Relationships! Get a positive, helpful partner for buying or selling a home: -Trusted resource for answers about the process - Innovative marketing strategies - Experti....

Latest Blog Posts

Don't be a victim of package theft!

Did you know that 3 in 10 Americans who live in houses or townhomes have been victims of package theft? And 53% of Americans know someone who has had a package stolen from outside their home.

Read More

How to Make Sense of the Short sale Vs. Foreclosure Process in Nevada

So, let’s look at How to Make Sense of the Short sale Vs. Foreclosure Process in NevadaTo understand how many listings you need, you must determine how much income you require to meet your

Read More

Guide to Buying an Older Home

For a lot of homebuyers, buying their dream home means choosing an older structure that has passed the test of time. These grand places have an undeniable charm about them, with classic styling that

Read More

Is a HOA right for your next home purchase?

Two distinctions that you should keep in mind as you’re doing your research to buy a Condo or Townhome: Ownership When you buy a condominium, you’re purchasing one living unit that

Read More