3 Reasons to Buy a Home in 2018

Taking the plunge into the real estate market can be quite intimidating. While predictions for 2018 forecast more moderate gains in home prices and rising inventory levels, low unemployment rates and record levels of consumer confidence mean more buyers are confident about their finances. Depending on where you live and how much you plan on financing, it could mean that 2018 is the right year for you to jump into the market.

Interest Rates

After a few years of low-interest rates hovering around the 3% mark, the Fed is now making some noticeable increases. For example, the rate for a 30-year fixed mortgage broke the 4%mark last year. It is predicted that interest rates could reach up to 5% by the end of the year.

 Home Prices

Over the past several years, home prices have soared, but, in 2018, price increases are expected to moderate. It is forecasted that home prices will increase 3.2% year over year and existing home sale prices are expected to increase 2.5% year over year.

However, where you live plays a big part in this. Markets like San Francisco are predicted to finally lose some steam; meanwhile, sales numbers and home prices are poised to climb in southern states like Texas and Florida, where economic momentum continues chugging along and new construction is happening at the right price points. So basically, home prices will increase, but not at the same pace they have over the last several years.

Increase in Inventory

Since 2015, inventory has been relatively low which made it a little harder to find the perfect home within your budget. However, by fall of 2018, the tides will change starting with Boston, Detroit, and Nashville recovering first. The majority of inventory growth will happen in the middle to upper price points. New home construction is also expected to expand, but that will happen more slowly.



Hot Design Trends for 2018

Regardless of what the pros say, you should always stick with the style you like. However, if you can't escape that sinking feeling that your decor is looking a little outdated or tired, we can help. Let's take a look at some of the hot new design ideas you may want...

read more

What is a Home Inspection Checklist?

Basically, a home inspection checklist is a rundown of features throughout a house that might be faulty or needs fixing. Home inspectors use these lists while inspecting homes, and while they may differ from area to area, they all are used to determine the safety of...

read more

5 Kid-Friendly Holiday Feast Ideas

Hosting a fancy adult dinner party this holiday season is one thing, but making the event fun for the kids as well is a whole other challenge. So, instead of keeping them at a small card table in the corner, let's try to make their experience just as entertaining as...

read more

When is the Right Time to Buy a House

The right time to buy a home really depends on you. Nowadays, millennials are typically waiting much longer to become homeowners than their parents and grandparents did. However, just because some people are waiting while others are ready to take the plunge into...

read more

7 Home Buying Tips From Financial Planners

Financial planners, especially fiduciaries, don't just help people plan for retirement and keep their budgets in check, they can also be great people to turn to when buying a house. Since buying a house is probably the largest financial investment you will ever make,...

read more

How to Save Money For a House Fast

During this holiday season, it is projected the average consumer is going to spend more than they did last year. "NRF (National Retail Federation) expects holiday retail sales in November and December – excluding automobiles, gasoline, and restaurants – to increase...

read more