3. Home Prices Are Climbing So far this year, home prices have increased. While competitive buyers are expected to keep home prices climbing, industry leaders say the pace of the increases should moderate moving forward. As Len Kiefer, Deputy Chief Economist at Freddie Mac, says: “ If you’re thinking about waiting until next year and that maybe rates are higher, but you’ll get a deal on prices – well that’s risky . . . . It may be more advantageous to purchase this year relative to waiting until 2023 at this time.” While everyone moves through the homebuying process at a different pace, it’s more important than ever to put your plans in place and begin working with a real estate advisor. That’s because it’ll cost you more to buy a home if you wait as prices rise. 4 . Rents Are Rising Too Census data shows the median monthly rent is also going up ( see chart below ). To escape rising rents, consider purchasing a home so you can lock in your monthly mortgage payment. Even though the number of homes available for sale is low, homeownership is a much more stable long-term investment.
Median Asking Rent Since 1988
$1,025 $1,075 $1,125 $1,175 $1,225 $1,275 $1,325
$325 $375 $425 $475 $525 $575 $625 $675 $725 $775 $825 $875 $925 $975
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Q1
Source: Census
Bottom Line Let’s connect if you’re ready to learn more about the benefits and rewards of homeownership. Having a local expert on your side is the best way to make your dream a reality this season.
4
Made with FlippingBook. PDF to flipbook with ease