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An overview of the 2018 housing market

On Behalf of | Jan 29, 2018 | Residential Real Estate |

California residents and others who are looking to buy homes in 2018 may face a couple of key challenges. First, mortgages are expected to get more expensive as the year goes on. Rates could rise to as high as 4.5 percent by the end of 2018. Second, any available homes that go on the market are expected to be sold quickly. According to an economist at Redfin, home sales will increase by 3 percent in 2018 compared to 2017.

As of December 2017, there was less than a three-month supply of available homes. In a neutral market, the supply would be enough to last for six months. However, this may be offset by the fact that new home construction is expected to increase by 10 percent. It is also expected that builders will start to focus on starter homes and homes in the middle of the market as opposed to just luxury properties.

It is expected that home values will increase by 2 to 6 percent nationally. The strongest growth could be in states like Georgia or Florida where buyers flock to homes that are more affordable than others in the country. To ensure that buyers can get the homes that they want, they should have their credit in order and loan information ready to go.

In a tight housing market, it may be necessary for buyers to move quickly to purchase a residential property. Talking with an attorney may make it easier to craft an offer letter or otherwise do due diligence on a property. An attorney may also be able to look into any issues a title has or further explain the terms of a purchase agreement. This may reduce the odds of a dispute that could delay a home purchase.