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What to Expect in Housing Market in 2018 – Episode Two

Thanks for checking out our blog.  Last month we discussed two upcoming near future housing trends to expect nationwide in 2018. Today we are going to discuss two more trends to expect according to most market experts.

Mortgage rates are expected to rise in 2018. Interest rates hovered around 4% for the majority of 2017, which gave many buyers relief from rising home prices and helped with affordability.  In the first quarter rates have increased from 3.95% up to 4.45% and experts predict that rates will increase even more by the end of the year.  CoreLogic, a data provider for the real-estate industry, averaged six forecasts of mortgage rates, arriving at a consensus view that the 30-year fixed will average 4.7% in December 2018.

Show Graph on the History of Mortgage Rates
The rate you secure greatly impacts your monthly mortgage payment and the amount you will ultimately pay for your home.  Don’t let the prediction that rates will increase stoop you from purchasing your dream home this year.  Let’s take a look at historical view of interest rates over the last 45 years.  Bottom Line – Be Thankful that you can still get a better interest rate than your older brother or sister did ten year ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago.

As home values rise, homeowners gain equity.  Over the next five years home prices are expected to appreciate on average by 3.35% per year and to grow by 24.34% cumulatively , according to Pulseconic’s most rest Home Price Expectation Survey.

So what does this mean for homeowners and their equity position?

As an example, let’s assume a young couple purchases and closed on a $250,000 home in January of 2018.  If we only look at the projected increase in the price of that home, how much equity will they earn over the next 5 years?  $44,905 over the next five years!!

These are two more housing trends expected in 2018 according to most market experts.  If you’re a home buyer wanting sound advice on your next investment or a Seller wanting to get the biggest return on your current investment give us a call today for a free consultation at 956-307-4544.  We look forward to hearing from you.

What to Expect in Housing Market in 2018 – Episode One

Today we are going to look forward to the upcoming near future and discuss what national housing trends to expect in 2018 according to most market experts.

Good news for first-time home buyers: Home-price appreciation is expected to cool down in 2018 after a rapid increase over the last couple of years.  Home prices rose over 6% in 2016 and 2017, according to the Federal Housing Finance Agency. But for next year, the median forecast among six industry and lender groups is for a 4.1% increase in existing home prices nationwide.

Why the slowdown? One factor is new home construction. Economists expect the construction of single-family houses to rise sharply in 2018, based on building permit applications. The median estimate has single-family housing starts rising about 8% in 2018.

Home buyers are struggling to find houses for sale. The shortages are especially acute for the kinds of homes that first-time buyers tend to purchase. Among the reasons for the tight supply:
  • Many baby boomers are content to age in their homes instead of downsizing
  • Investors bought millions of homes after the housing bubble burst, and they’re making too much money as landlords to sell
  • Home builders make more profit from expensive houses than entry-level houses, so that’s what they’re constructing

But there’s some hope for 2018, many expert economists predict that the housing supply pinch will begin to ease late in the year.  It looks like we could get to a point where we’re seeing growth in inventory sometime later this Fall.

These are two housing trends expected across the nation in 2018 according to most market experts.  Next month tune in to hear two more housing trends expected.  If you’re a home buyer wanting to take advantage of the increased Spring inventory or a Seller wanting to take advantage of the past recent years home price appreciation give us a call today for a free consultation at 956-307-4544.  We look forward to hearing from you.

The Pros of Buying or Selling a Home this Spring

Today we are going to discuss the pros and cons of buying or selling a home in the Spring.

First, let’s not forget that if you are looking to buy a home, click on the search all properties link. Or, if you are looking sell your home click on the value link and we will send you a free home valuation. Now on to our topic.

If you ask around, people will give you pros and cons for selling your home in any season, but the fact remains that market activity is invariably highest in spring and early summer.  First let’s discuss some of the pros of buying during this time frame.

One of the biggest pros for buying in the Spring is there is more inventory.  It really is like clockwork: When March rolls around, property listings multiply abundantly. Sellers feel more motivated once the warmer weather rolls around.  One reason is that homes simply show better in the spring with the great RGV weather.  The great weather helps the curb appeal when the front yards are looking their best with plants and flowers in bloom and it provides Buyers the opportunity to view homes before the extreme heat comes during the Summer.

The second reason is it is the perfect time for families to shop.  Choosing to move your family is stressful no matter the time of year, but at least in the summer you won’t have to balance packing up your house with your kids busy school schedule. To execute the ideal summer move, you must start house hunting NOW. Many families that are purchasing homes would like to be settled in their new residences prior to the start of the school year. With a standard transaction taking 30 to 45 days to close, they must be in contract by late Spring or early Summer which means they should really get serious about looking and making decisions prior to July.

The third reason is you might have some extra equity in your pocket.  Christmas bills are hopefully in the rearview mirror, school expenses are dwindling, and there just might be a fat tax return burning a hole in your pocket.  Sure, having a little extra cash might not determine how much of a home you might purchase, but it does let you pay for things like inspections, closing costs, moving expenses and the home furnishings you will need once the house closes.

For you home sellers, the biggest reason for you to put your house on the market is buyers are in abundance.  As just mentioned many future home buyers are looking for a home prior to next school year and many of them do have a little cash in their pocket to make that dream a reality.  Simply put, if you want more views and opportunities to sell your home, put it on the market when the most buyers are available.  Plus take advantage of this great weather to show your house at its best.

If you are a Buyer ready to take the next step and want help finding your dream home or if you are a Seller and take advantage of the market call us today at 956-203-0044.  We have expert advisors ready to assist you with your home buying and selling needs.  We look forward to hearing from you.