While the national market offers insight on overall trends in real estate, we can give you the scoop on what's happening in our local market. Whether you're thinking of buying or selling or you just want to know more about our local real estate market, give us a call!
Home prices and values are expected to rise modestly.
Home prices have been increasing around the country, with cities such as Dallas, Portland, and Seattle experiencing the largest year-over-year gains. In fact, Washington has experienced the fastest rise in housing prices in the United States over the past few years. While the National Association of Realtors anticipates 2018 home prices will rise by 3.5 percent, Freddie Mac predicts they'll increase 4.9 percent.
Existing home sales have leveled off for now.
Experts predict 2018 will spell more of the same for home sales. Many believe this is due to the increase in interest rates in 2017, which may have reduced the purchasing power of many homebuyers.
Will 2018 be a banner year for new homes?
Many experts predict that new home sales will drive the market in 2018. A total of 1.33 million housing starts are expected for 2018, an increase from 1.22 million in 2017. While total home sales are expected to increase over two percent, new home sales are expected to increase eight percent, reaching 670,000 sales.
What about mortgages?
Although mortgage rates may have increased slightly, over the last few years, rates have remained at historically low levels. Freddie Mac, the Federal Home Loan Mortgage Corporation, predicts an increase in the volume of mortgages, which follows other predictions that signal an increase in home sales.
Why learning about the real estate market matters (even if you're not currently in the market for a home)...
1. The health of the local market influences the value of your home.
2. Make the right decision if you're thinking about buying or selling later in the year.
3. Get the full economic picture.