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Make 2018 Your Year to Buy a Home

February 24, 2018

In 2018 the market for Auburn AL homes will see some changes along with the rest of the nation. A combination of factors including the prediction of rising interest rates and moderating price increases will make this year a great time to buy a home. Here’s why 2018 could be your year to get into a new home:

  • Interest rates are rising. They’ve been steadily increasing since the year began, and they’re expected to hit 5% before the end of the year. If you’re on the fence about buying a house in 2018, this could be a compelling reason to make your move now rather than later.
  • Rates of homeownership are expected to rise. The trend is toward more people looking for homes, so house hunters will face greater competition as the year goes on. Young adults are ready to leave renting behind and purchase starter homes, while many Baby Boomers are opting to downsize. If you own a smaller home, this could be the year to sell it and purchase your own move-up home.
  • Price increases are moderating. Historically, home prices have risen about 3% per year, but in the past two years the increase has been closer to 5% to 6%. This year they’re expected to return closer to previous levels in most areas of the country. However, high-growth areas like Texas and Florida are still seeing a steady pace of rising prices and new construction.
  • Lending constraints may relax. The 2008 recession led to extreme caution among mortgage lenders. They’ve remained tight-fisted with all but the most credit-worthy buyers, but they’re predicted to loosen their grip in the near future and loan money to less stellar but still qualified borrowers.

Tips for navigating the 2018 housing market:

  • Keep an eye on the market in your desired area. Build a relationship with a good real estate agent and check listings at least daily to get a jump on other buyers when homes become available.
  • Have financing lined up so you can make a deal quickly when you find the right house.

Now is a great time to shop for Auburn AL homes with Rose Anne Erickson Realty. They’ll show you the homes that suit your needs. Contact the office today at 706-257-1776.

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This post was written by Rose Anne Erickson

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