Figuring out when to enter the real estate market can be quite intimidating—especially when prices are high and choices are limited. Fortunately for buyers, the 2018 housing market forecast shows moderating prices and rising inventory levels!
These 3 factors could mean 2018 will be your year to take the home buyer plunge!
1. Interest rates are going up:
After years of record low rates, the Fed is finally making some noticeable increases. Experts predict we'll see at least two to four more rate hikes throughout 2018. Mortgage interest rates are anticipated to hit 5% by the end of the year.
2. Home prices will increase, but moderate:
Home prices have soared over the past few years. This year, forecasters are predicting home prices will increase by 3.2%, after finishing 2017 with a 5.5% year-over-year increase. Basically, home prices will still rise, but at a slower rate.
3. Inventory levels will begin to increase:
The housing inventory shortage has forced many buyers to settle and kept others out of the buying game entirely. Realtor.com® projects U.S. year-over-year inventory growth to tick up into positive territory by fall 2018, for the first time since 2015! New home construction is also expected to expand, but will happen slowly, even though builder confidence is at its highest level since 1999.
Just like a good accountant or a good attorney, a good buyer's agent will save you money, not cost you money! Let's get together and start your home search!
If you are thinking of buying, selling, renting your home, or leasing real estate this year we’d love to hear from you! Working with experienced professionals can boost your profits!
Ready to Start Your Home Search? Click HERE to Contact Us!
564 Dodge Ave. Suite A ~ Elk River, MN 55330
763-633-3535 ~ www.acgproperty.com
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OUR SPECIALTIES: Residential & Commercial Seller and Buyer Services, Property Management & Residential Rentals, Residential and Commercial Investment Property Specialists, Listing & Marketing Specialists, CDPE (Certified Distressed Property Experts), Short Sale Specialists, REO/Bank Owned Sales. Golf course properties, water front properties, acreage & hobby farms, vacant land, condos & townhomes, industrial/manufacturing/retail properties, association maintained properties, senior housing, luxury homes, vacation & secondary housing.
Serving the following Minneapolis Cities & Suburbs: Elk River MN, Zimmerman MN, Big Lake MN, Rogers MN, Otsego MN, St. Michael MN, Albertville MN, Princeton MN, Ramsey MN, Anoka MN, Nowthen MN, Monticello MN, Oak Grove MN, Burns Township MN, Champlin MN, Dayton MN, Hanover MN, Coon Rapids MN, Blaine MN, Fridley MN, St. Francis MN, Livonia Township, Andover MN, Becker MN, Baldwin Township, Orrock Township, Plymouth MN, Maple Grove MN, Osseo MN.
Serving the following Minnesota Counties: Sherburne, Anoka, Wright, Hennepin and portions of Mille Lacs and Isanti Counties