Will housing market prices continue to increase or will we start to see them level out? 2017 was an exciting year for real estate and many are wondering if the top dollar buzz is going to continue.
According to a recent RISMedia article, new research from HouseCanary, indicates the markets are now stabilizing.
“Although the housing market is still strong, with home prices still increasing in many markets, there is clear evidence of a considerable deceleration in the pace of those price increases,” says Alex Villacorta, executive vice president of Analytics for HouseCanary. “The rapid price growth in high-end and luxury markets seems to have stagnated as affordability continues to put downward pressure on home price appreciation.”
What factors are fueling the trend? The demand/supply dynamic, for one. Buyers are out in droves, but inventory is lacking. The imbalance is pressuring prices—and affordability is suffering, in turn.
Affordability is also impacted by mortgage rates, which is anticipated to land in the neighborhood of 4.75 percent by this time next year—a change that could deter homeowners with lower rates from selling, exacerbating inventory issues. The average 30-year, fixed mortgage rate has been on an uptick since the start of 2018.
Price Recently Reduced Charming Bigfork Log Home on 10+ Acres.
The Tax Cuts and Jobs Act could have an effect on housing, as well, though how it could help or hurt the market is unclear.
The ever-changing mortgage rates & tax reforms buyers & sellers are faced with are just a few reasons why individuals should utilize an experienced Real Estate Professional. Please contact us today to schedule your complimentary consultation so you can be certain you are making the best decision for you and your family.
To read the complete RISMedia article please click here.
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