Buying and Selling in 2018 - Let Me Help You!

Market Trends

In January, it was reported that the 2018 National Housing Forecast indicated promising news for both buyers and sellers in the year ahead. When looking to purchase or sell a home in this current market, there are various timely facts to consider:

Low interest rates
The standard 30-year mortgage currently hovers at just above 4%, which is still historically low. Realtor.com® reports that rates are projected to steadily climb by the end of 2018.

Demand remains high with tight inventory
It’s still a seller’s market in many parts of the country with Realtor.com reporting that unsold inventory is at a 3.2-month supply at the current sales pace, which is the lowest level since the National Association of Realtors® (NAR) began tracking in 1999. It’s not surprising then that anxious home buyers are driving-up prices in demand for housing.

Joellinda Hannigan-Pool-Caldarella Circle

Steadily increasing home prices
Realtor.com states that median existing-home price for all housing types in December was up 5.8 percent from December 2016. The price increase marks the 70th straight month of year-over-year gains. For homebuyers sitting on the fence, perhaps it’s time to jump-in before prices and interest rates possibly make entering the market more challenging. Homebuyers should come prepared with pre-approved financing and the ability to make a quick purchase decision.

Consumer confidence is high
Consumer confidence hit its highest in 17 years this past November, according to the Conference Board’s index released last month This is a result of low unemployment and stock market spikes that are anticipated to continue strengthening the economic foundation in 2018.

 

Source: www.californiahome.me