Tuesday, November 6, 2018 / by Jordana Tobel
The Makings of a Buyer's Market
According to the National Association of Realtors chief economist, Lawrence Yun, the U.S. median home price has risen 55% since 2011. Wages have only increased by 18%. What does this mean?
It means buyers are pulling back, which in turn will provide buyers with more power.
The Federal Reserve is increasing interest rates to combat inflation, which means mortgage rates are trending up too. If you're a buyer, now is a great time to buy.
It's not bad news. The Fed is hiking rates because the economy is soaring. Unemployment is at an all time low.
As long as the economy stays strong, home sales will continue to head up - even if rates continue to rise. Mortgage rate increases do not necessarily push home sales down.
For more on this, read economist Yun's article here.
If you're a buyer, now is a great time to buy - with rates still low and home prices trending up.
Contact your Premier Listings agent for more information on this, and more on your home search.
