Recently, I met with a potential homebuyer that decided to postpone his home search due to concerns about rising prices, rising interest rates and a very competitive homebuying market. During our discussion, he said,
“I think that I’ll wait for home prices to fall over the next several months and maybe I’ll jump back in next year…”Anonymous Home Buyer
If you’re thinking that waiting a year or two to purchase a home might mean you’ll save some money, think again. Mortgage rates are currently very low, but experts across the board are forecasting increases in both home prices and interest rates.
Entering 2021, there was some speculation that we might see price appreciation slow dramatically this year and that an increase in home inventory would increase from record-low levels. Entering 2021, there was some speculation that we might see price appreciation slow dramatically this year. Today, experts believe that won’t be the case. Home values will remain strong throughout the year.
Today, experts believe that won’t be the case. The Mortgage Bankers Association, Fannie Mae, Freddie Mac, the National Association of Realtors, and Zelman & Associates have all adjusted their numbers upward after reviewing first quarter housing data. Here are their original forecasts and their newly updated projections:
Based on projections, here is how much more you might pay for a median-priced home if you wait to buy.
About Log Pond Realty
Home is where your story begins. Home is where hopes and dreams are born, memories are made, and lives are lived. We would love the opportunity to assist you in writing your new story.
We service the Triangle region of North Carolina including Raleigh, Cary, Apex, Holly Springs, Morrisville, Fuquay-Varina, Durham, Chapel Hill, Wake Forest, and Garner.
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