Every quarter, the Federal Housing Finance Agency (FHFA) reports on the year-over-year changes in home prices. This is an excellent tool that helps many potential homebuyers and sellers decide when to put their home on the market, and when to buy the home of their dreams. If you’re thinking of buying a home, you may want to do it sooner rather than later. As you’ll see from the graph below, home prices are up year-over-year in every region.
Looking at the breakdown by state, you can see that each state is appreciating at a different rate. This is important to know if you are planning on relocating to a different area of the country. In North Carolina, home prices are currently up 6.3%, with no signs of slowing down any time soon. Waiting to move may end up costing you more!
Ready to buy a home before your priced out of your dream neighborhood? Contact Coastal Realty Connections today, before it’s too late!
Consider Cost, Not Just Price
Sellers are most concerned about ‘short term price’ – where home values are headed over the next six months. As a buyer, however, you must not be concerned about price, but instead about the ‘long term cost’ of the home.
The Mortgage Bankers Association (MBA), the National Association of Realtors (NAR) and Freddie Mac all project that mortgage interest rates will increase by this time next year. According to CoreLogic’s most recent Home Price Index Report, home prices will appreciate by 5.2% over the next 12 months.
What Does This Mean as a Buyer?
Here is a simple demonstration of the impact an interest rate increase would have on the mortgage payment of a home selling for approximately $250,000 today if home prices appreciate by the 5.2% predicted by CoreLogic over the next twelve months:
The Bottom Line
Buy now – you can’t afford not to. The first step to getting your dream home is to get the ball rolling by contacting Coastal Realty Connections today. Your future is waiting!Posted by