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

Dated: 05/17/2018

Views: 16

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

Providers

Read More

Helpful Household Tips September 4th, 2018

Here are your Weekly Household Tips: Clean Out Your Garbage Disposal Crud With A Toothbrush.Funny smell coming from your garbage disposal? Try lifting up the splash guard of your disposer to

Read More

Helpful Household Tips August 29 2018

Hello Friends - Here are your weekly household tips for August 29th, 2018. Whether you are getting your home ready to sale or snuggled in for a while, here are some tips to keep your pad looking

Read More

Hump Day Helpful Hints

To fix the cloudy finish, spread mayonaise over the surface and let it sit over night. When you wipe it off, the stains will be gone. Polish furniture: Oil, lemon juice, and vinegar make

Read More