Featured News 2018 Is 2018 the Time to Buy a Home?

Is 2018 the Time to Buy a Home?

From buyers to sellers, the housing market is looking good right now. Experts are saying that 2018 might be the time to pull the trigger on buying a new home. Right now, this opportune moment to buy is guided by a couple of factors; however, research is suggesting that this window could close fast.

Here are the details of the housing market conditions of 2018.

Homes Are Slowly Becoming More Expensive

Right now, the housing market is climbing. In the last year, the average home price in the United States increased by 6.5%. Experts predict that within the next year, the market will continue to rise, with a 3% national average increase by the following year. By 2020, the increase in home prices is argued to plateau, which means buying a home now could yield a better price than folks will see in the next five years. Additionally, acting faster can result in an exceptionally better price. If by 2020, home prices increase by another 7-8% as predicted, families need to buy now to lock in their home's price at its lowest point.

The best part of these predictions is the fact that people should be able to safely "try out" a home. If the projection in the next five years is accurate and there is an "increase and plateau" in national home values, a homeowner could try out living in a home for five to seven years and safely reevaluate their purchase then. As most realtors will tell you, buying a home with the intent of reselling is always risky, but if you are in the market to purchase a home for you and your family—and you are interested in relocating to a new area—it is good to know that the predictions line up well for "trying out" a state or home.

The Housing Market Is at "Low Risk" of Downturn

Unlike the 2008 housing bubble, the increase in home prices is said to be stable. An inflated market drove the 2008 boom, which ended up crashing in on itself. The market today has a very different atmosphere—one that is much more stable than 10 years ago. The increase in home prices is due to the shortage of homes on the market. As supply and demand always prove, as supply decreases, costs increase to counteract the decrease.

Additionally, the housing market is driven upward due to a "robust job market." National unemployment is down, and there are more buyers now than there were a couple of years ago. Again, the laws of supply and demand come into play. As demand for homes increases, the price of those homes increases as well. Therefore, two major forces are driving the housing market to new heights, and experts say that these forces will grow stronger in the next couple of years. Barring an unexpected major event, the housing market will only continue to grow.

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