1. Interest rates are rising
Rates are always a hot topic, but especially when there are significant increases combined with a thin housing inventory. We have seen a steady increase in rates since last fall when you could find the average 30-year rate hovering somewhere in the 3.875% range. The current 30-year average rate according to www.MortgageNewsDaily.com is running north of 4.6%. A 1% increase in rates can decrease a buyer’s maximum qualifications or “comfort level” by 10%. Rising rates often create motivation for buyers who might otherwise hold off a while longer to move up their search. The goal may be to find the house they want at today’s price and today’s rate rather than risk further rising rates and prices. -Don Jarecki, Cross Country Mortgage.
2. The 2018 market is stable
Across the US, our housing market has finally reached a year of stability. While nationwide home prices are still rising in 2018, they aren’t predicted to increase above 3.2%, according to experts. This figure is substantially lower than the 5.5% increase we saw in 2017. Overall, it’s a good time to explore Ohio’s real estate market without worrying about skyrocketing prices.
If you’re looking to buy or sell a home in the Brunswick area, Bold Real Estate Consultants can help you. We will work with you every step of the way and provide expert, personable help. Get in touch with Bold Real Estate Consultants today at 440-879-7260.
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