It is very easy to get spooked by headlines like “Housing Market Shift or CRASH?” and “Big Shifts in the Housing Market Expected”. The fact of the matter is that the real estate market is certainly subject to fluctuation, just as the economy is. But before you let those headlines scare you into making abrupt and potentially unwise real estate decisions, take a deep breath and let us clue you in on what is happening and what you should really be expecting.
- As we near the end of 2018, interest rates have reached 5%.
- A 1% increase in interest rates on an average loan of $250,000 increases the total amount of interest paid by $55,000 for a 30-year mortgage, which equates to $152 dollars more per month.
- For this reason, buyers have started to slow down their searches and reduced the demand for homes.
- Lenders are sharing that interest rates may exceed 6% by this time next year, so if you’re thinking about buying a home next year you may want to consider doing it sooner.
This is most likely one of the largest investments you will make in your life and you deserve support from agents who are experts in the area. The Pinnacle Homes Group has sold over 1300 homes since 2010. We aren’t just trying to sell you a home. We are focused on helping our clients figure out the right decision at this time and in this market. And if it’s not the right time, then we will work with you to figure out when is. Give us a call today!