From the desk of Joe Kendall Broker with Keller Williams Realty,
As a seller, you will be most concerned about ‘short term price’ – where home values are headed over the next six months. As either a first time or repeat buyer, you must not be concerned only about price but also about the ‘long term cost’ of the home.
Let me explain.
There are many factors that influence the ‘cost’ of a home. Two of the major ones are the home’s appreciation over time, and the interest rate at which a buyer can borrow the funds necessary to purchase their home. The rate at which these two factors can change is often referred to as “The Cost of Waiting”.
What will happen in 2017 heading into 2108?
Over one hundred economists, real estate experts and investment & market strategists project that home values will appreciate by almost 6% by the end of 2017.
Additionally, Freddie Mac’s most recent Economic Commentary & Projections Table predicts that the 30-year fixed mortgage rate will appreciate to 4.5% by the end of 2017. where we are in 2018 is anyone guess, one thing we know is it wont be lower..