Thursday, December 6, 2018 / by Jordana Tobel
Rising interest rates and increasing home prices will make it increasingly difficult to buy a home as the months pass and we get further into 2019, according to the realtor.com 2019 housing forecast.
What does this mean for you? The sooner, you can buy, the better. Here’s why:
Mortgage rates are expected to hit 5.5% which means an increase in monthly payments by 8%. For example, that means if the rates today mean your monthly payment is $2000, by the end of 2019, for the same loan, the cost will be $2160.
"Unfortunately for buyers, it's only going to get more costly to buy, especially the most-demanded entry level real estate,” says Danielle Hale, chief economist for realtor.com.
Buyers who can stay in the market will find less competition yet feel an increased sense of urgency to close before it gets even more expensive.
For more on this and other information on the South Florida market, contact your Premier Listings sales associate today.