Learn more about important information that you should know when it comes to buying or selling your home. We are here to help!
Making the decision to buy your home in Houston, Texas in 2018 can be intimidating. As a realtor, one of the hardest questions I am faced with is: When is the right time to buy my home?
When faced with new tax policies, limited choices and an uncertain market over the past few years, purchasing a home this year may seem difficult. But, this year buying your home could be the best decision for you and your family.
We understand how important this decision is to your family’s future, so before making that decision, here are three important things you need to know about the 2018 housing market.
The housing shortage will continue; this means the supply of housing will not keep up with demand this year.
Well, the good news is that home building is expected to increase by 10 percent this year, according to Lawrence Yun, chief economist for the National Association of Realtors, reaching to around 1.3 million new single-family homes. But, the bad news is that this will not be enough to keep up with the housing demand, so when homes are up for sell, they will sell fast. You cannot hesitate when you see a home you like, the competition will be tough.
Loan rates are going up but not by too much.
After years of record-low rates, mortgage rates are expected to make some measurable increases in 2018. Rates were below 4 percent for a big chunk of 2017, so it’s time to prepare for a slight increase. Focus on building your credit as much as you possibly can and always aim for getting a pre-approval for your loan amount before shopping for the best possible outcome.
Home prices will continue to rise, but at a slower pace.
Housing affordability has been an issue in the housing marketing over the past few years. Here, in Texas, because of our more affordable housing and promising job market, we will see home values increase, but the difficulty in affordability will cause sales to slow. Values will not rise as fast as they have over the past years.
Should I buy my house in 2018?
Keeping these things in mind, if you are planning on buying your home in 2018, doing so is not a bad idea. But, there are several other factors you should consider when making this decision. Think about your individual situation and consider your personal ]goals.
These are questions to ask yourself, and we can help make sure you are on the right track. Contact us today, so we can make sure you are on your way to home ownership this year!