The start of this year makes it a little bit uneasy on what to expect if your thinking of becoming a homeowner this year. According to Forbes there are 8 predictions to expect.
Prices of homes will continue to rise but at a much slower speed. Nela Richardson, chief economist stated “We believe price increases will hold steady despite slowing sales growth, because homebuyer demand is stronger now than it was at the same time last year, and because we foresee a small uptick in homes for sale.”
With prices of homes on the rise, we can only expect affordability of decent homes to become much worse. Nela Richardson stated "The irony of the modern housing market is that the places where we are seeing wage growth are places where people can't live because they are tooun-affordable. There is a mismatch."
So many changes occurring to be aware of and your mortgage rate is one of them. Estimates predict on a 30 year fixed rate will range between 3.75% and 4.6% not too far from where the rate it is today.
Finding it takes a lot to get approved by a bank? 2017 probably will not be any better. With a new President speculation has it that Trump would return government-controlled mortgage companies Fannie Mae & Freddie Mac to private control. Which means more restrictions would apply making it harder for just anyone to get approved.
Young & ready to buy? According to Zillow half of all buyers are under age 36. So if you feel like your behind… your behind.
Don’t be afraid of competition because 2017 is bringing out the wolves. In this market the seller has the upper hand and in doing so hire a real estate professional to properly negotiate a strong offer to get your offer accepted!
Change, change, change! Change is one thing we will not be able to control this year; it will continue to change due to the many policy priorities of our new president so educate yourself before trying to buy a home alone!
Although the demand to buy is alive still, the supply will still remain short. If you bought a house last year you probably went through multiple disappointments of your offer being denied because of multiple offers. Don’t let it discourage you, find you a real estate professional as myself to help you get that offer accepted on the first try.
If you want to be a homeowner this year don't let the fear of changes occurring stop you. Contact me today to make sure you are well taken care of throughout your home buying transaction. Vvalles@scottie-smith.com
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