Time Ticking Away Do Not Wait To Move Up To Your Dream Home

Dated: 05/17/2018

Views: 14

Moving Up to Your Dream Home? Don’t Wait!

Moving Up to Your Dream Home? Don’t Wait! | MyKCM

Mortgage interest rates have risen by more than half of a point since the beginning of the year, and many assume that if mortgage rates rise, home values will fall. History, however, has shown this not to be true.

Where are home values today compared to the beginning of the year?

While rates have been rising, so have home values. Here are the most recent monthly price increases reported in the Home Price Insights Report from CoreLogic:

  • January: Prices were up 0.5% over the month before.

  • February: Prices were up 1% over the month before.

  • March: Prices were up 1.4% over the month before.

Not only did prices continue to appreciate, the level of appreciation accelerated over the first quarter. CoreLogic believes that home prices will increase by 5.2% over the next twelve months.

How can prices rise while mortgage rates increase?

Freddie Mac explained in a recent Insight Report:

“In the current housing market, the driving force behind the increase in prices is a low supply of both new and existing homes combined with historically low rates. As mortgage rates increase, the demand for home purchases will likely remain strong relative to the constrained supply and continue to put upward pressure on home prices.”

Bottom Line

If you are thinking about moving up to your dream home, waiting until later this year and hoping for prices to fall may not be a good strategy.

Blog author image

Ed Sullivan

Ed believes "Every Family Should Feel Confident Selling and Buying a Home" and he has made this his personal mission in service to others. Earning your trust is how Ed prioritizes everyday for you an....

Latest Blog Posts

Top 4 Home Renovations For Max ROI

Top 4 Home Renovations for Max ROI Some Highlights: Whether you are selling your home, just purchased your first home or are a homeowner planning to stay put for a while, there is value in

Read More

Are Lending Standards Too Loose Or Too Tight

Are Lending Standards Too Loose…or Too Tight?With home values appreciating at record rates, some are concerned that we may be heading for another housing bubble like the one we experienced a

Read More

Parents Say Kids Opinions Matter Big When Buying A Home

Parents Say Kids’ Opinions Matter Big When Buying a HomeA recent survey conducted by Harris Poll and released by SunTrust Mortgage found that “55% of

Read More

When Is A Good Time To Rent Not Now

When Is a Good Time to Rent? Not Now!People often ask if now is a good time to buy a home, but nobody ever asks whether or not it’s a good time to rent. Regardless, we want to make certain that

Read More