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Real Estate Projections For 2018

December 28, 2017 by jWeb Media

Expecting to buy a home in 2018? Keeping an eye on the housing market is an important part of choosing a home that is within your budget as well as determining if it is a good time for you to buy or wait.

While looking at real estate projections for 2018, it is critical to remember that these are simply predictions and you should always speak to a professional mortgage lender and agent to determine if buying a home is right for you.

Increased Mortgage Rates

Freddie Mac predicts that in 2018 mortgage rates will rise and refinancing rates will fall to 25%, “the lowest annual refinance share since 1990.” This trend is due to the fact that in past years, homeowners took advantage of lower mortgage rates in order to refinance their mortgages. Since that may not be the case, homeowners will forgo refinancing.

Increased mortgage rates also means that home prices may go up as well.

Increased Home Prices

2017 saw home prices rise and economists are expecting them to keep rising, albeit slowly. This rising equity can mean that once it comes time to sell their home, homeowners may receive higher prices for their home. Higher home prices can also help homeowners increase their home equity.

However, there are a few caveats. For example, increased home prices means a larger down payment which can prevent first time homeowners from purchasing a home and according to Zillow, the median home price will be worth over $6,000 more and buyers will need to save at least $600 a month just to keep up. And as we’ve discussed before, how much you can put in a down payment reflects how much your mortgage rate will be each month.

More Remodeling, Less Selling

Despite the increased home prices and the price they could potentially get for them, homeowners may choose to simply remodel their home rather than go to the trouble of selling. Especially if buyers deem their home unaffordable—sellers will not want to waste the time and effort of putting their home on the market if they believe they will not be able to sell or find an affordable home of their own.

More Renting

2018 may also see more homeowners renting out rooms of their home or their homes—vacation or otherwise—in order to make some extra money. Renters can use this opportunity to get credit for the rent they pay in order to help increase their credit score. It is important to remember that not all credit reporting agencies will use your rental information to determine your credit score.

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Filed Under: Blog, Home Buyers & Home Sellers Tagged With: home equity, mortgage rates, real estate projections, refinancing

The information provided on these posts have been prepared by a third party company and have been distributed for education purposes only. The positions, strategies or opinions of the authors do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Each loan is subject to underwriter final approval. All information, loan programs, interest rates, terms and conditions are subject to change without notice. Always consult an accountant or tax adviser for full eligibility requirements on tax deduction.

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Guild Mortgage Company is an Equal Housing Lender; Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act. OR ML-176;Georgia Residential Mortgage Licensee; GA #6268; NV Banker #1076/NV Broker #1141; AZ BK #0018883; Licensed by the Mississippi Department of Banking and Consumer Finance. Illinois Residential Mortgage Licensee. Kansas Licensed Mortgage Company. Rhode Island Licensed Lender. Licensed by the New Hampshire Banking Department. http://www.nmlsconsumeraccess.org/ Company NMLS ID 3274. All information, loan programs & interest rates are subject to change without notice. All loans subject to underwriter approval. Terms and conditions apply. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction. Guild Mortgage Company is an Equal Opportunity Employer. Guild Mortgage Company 5898 Copley Drive San Diego, CA 92111 |State of Missouri Principal Location: 11730 Fenpark Drive, Suite 1003, Fenton, MO 63026.Brought to you by Jweb Media.

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