The spring homebuying season is coming. With children out of school for the summer, people across the country are ready to realize their dream of homeownership — or trading up to a home that better fits the needs of their growing families. But this year, industry trends suggest that may be harder for many.
According to recent data, home prices nationwide increased by 7.1% in March, compared to March 2016. That may not seem like much, but it can make a big difference to those shopping for a new home. The real question is whether prices will come back down or is this the right time to buy.
Industry forecasts are suggesting that home prices will increase another 4.9% by March of 2018, suggesting that homes aren’t going to get more affordable anytime soon and now may be the best time to put in an offer on your dream home.
According to mortgage industry experts, an index of national home prices in March was only 2.8% away from its peak in 2006, before the financial crash, suggesting that home prices have almost completely recovered from the downturn. Home prices in almost half of the country have already surpassed their previous peak.
The good news for homebuyers is that they can expect their investment in a new home to grow rapidly, at least for the foreseeable future.
Editor’s Note: Above data taken from CoreLogic, but not quoted as I don’t know if this is a competitor of our client. Find the original story here.