Thinking about buying a home? But uncertain about market timing? You’re not alone … first-time buyers, step-up buyers, and downsizing buyers all face the same dilemma. Move now or wait a year?
It’s a challenge not to be paralyzed by the constant barrage of contradictory headlines about the real estate market. But remember — headlines are written to capture readers attention and the easiest way to capture attention is to generate fear.
If you take the time to read beyond the headlines, you’ll find that real estate market conditions today are positive and the majority of “experts” believe that the real estate market will remain solid for at least the next 3-5 years.
In other words, if you’re thinking of buying or selling a home this next year … it’s a great time.
The key to making a good real estate investment is to remember the basics.
- Real estate is a long-term investment. Think 3+ years as a minimum hold time.
- If you’re a first-time buyer, be flexible. Your goal is to get in the market and start building equity. A good first-time purchase is a stepping stone towards your ultimate dream home.
- Work with a professional. Invest the time to sit down for a Buyer Consultation. This consultation empowers you to find a broker who knows the market, listens to your concerns and understands your long-term goals. In Oregon, the seller pays the buyer broker’s compensation, therefore, there is no out of pocket cost to you the buyer. A buyer broker guides you through the process, protects your interests, and helps you make a wise investment decision.
Where’s the market headed in 2019?
The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae all project that mortgage interest rates will increase by this time next year.
According to the Home Price Expectations Survey, homes prices will continue to appreciate in 2019 and beyond.
What Does This Mean as a Buyer?
If home prices appreciate by 4.8% over the next twelve months as predicted by CoreLogic, and interest rates increase by .5%, here’s a simple demonstration of the impact that waiting for a year would have on the mortgage payment of a home selling for approximately $250,000 today:
If a new home is in your future, buying it sooner rather than later could save you thousands of dollars over the terms of your loan. And we’d love the opportunity to earn your business.
Whether you’re buying or selling, give us a call today at 971-804-4618 for a no-obligation consultation. We know the Portland real estate market, we’re top-notch listeners, negotiators, problem solvers, and marketing pros–and we’re here for YOU.
Copyright 2018 James H. Bradley. All rights reserved.