Home Prices Will Continue to Rise
The Home Price Expectation Survey polls a panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report released projects appreciation in home values over the next five years to be between 12.3% (most pessimistic) and 32.8% (most optimistic).
The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes any sense.
Mortgage Interest Rates are Increasing
As reported by Freddie Mac, interest rates for 30-year fixed-rate mortgages have risen about one full percentage point over recent historic lows.
The National Association of Realtors, the Mortgage Bankers Association, Freddie Mac and Fannie Mae, in their July forecasts, have all projected 30-year-fixed mortgage interest rates to be between 4.8 and 5.1% by this time next year.
An increase in rates will impact your monthly mortgage payment. Whether you are moving up or moving down, your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.
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Great Reasons Not to Wait to Buy an Illinois Home Today