Homebuying Tips
If you're thinking about moving this year, two major factors are probably on your mind: home prices and mortgage rates. You might be wondering what's going to happen next and whether it's better to move now or wait.
The best way to decide is by looking at the latest information. Here's what experts are saying about home prices and mortgage rates.
For reliable information on home price forecasts, check the Home Price Expectations Survey from Fannie Mae. This survey gathers insights from over 100 economists, real estate experts, and market strategists.
According to the latest survey, experts predict that home prices will keep rising at least through 2028:
While the rate of appreciation will vary each year, the survey indicates that prices will generally go up over the next five years, albeit at a more normal pace.
What does this mean for your move? If you buy now, your home is likely to increase in value, helping you build equity. However, if you wait, rising prices could mean you'll pay more for a home later.
This is a big question in the industry, and there's no easy answer. Several factors contribute to the current volatile mortgage rate environment. Odeta Kushi, Deputy Chief Economist at First American, explains:
“Every month brings a new set of inflation and labor data that can influence the direction of mortgage rates. Ongoing inflation deceleration, a slowing economy, and even geopolitical uncertainty can contribute to lower mortgage rates. On the other hand, data that signals upside risk to inflation may result in higher rates.”
What happens next depends on these factors. Experts are hopeful that rates will drop later this year, but economic indicators will continue to play a significant role. As a CNET article states:
“Though mortgage rates could still go down later in the year, housing market predictions change regularly in response to economic data, geopolitical events, and more.”
If you're ready and able to buy a home now, talk with a trusted real estate advisor to explore your options. They can help you understand the latest information on home prices and mortgage rates, so you can make an informed decision about your move.
Stay up to date on the latest real estate trends.
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