Want to Buy a Home? 2018 Could Be Your Year

Buying a home, especially your first one, can be daunting. Not knowing much about the real estate market can intimidate any prospective home buyer. The unsustainable appreciation in home values over the last few years, coupled with a low inventory has made 2018 a hot time to buy. What’s more, increased consumer confidence has resulted in more motivation to buy a home now than in previous years. In this article, we’re going to give you three good reasons why buying this year can work for you. Wherever you end up, protect your new investment with a custom-tailored Dayville Home Insurance policy.

Interest rates are ideal.

If you want to score a great deal on an interest rate, now is the time to act. There have been record low interest rates for the past few years- dipping as far down as 3%. However, federal regulations are increasing these rates. By year’s end, it’s anticipated that rates will hit 5%. So, buy while you can and take advantage of great interest rates!

Home prices are slowly rising.

Home prices have soared over the past few years, pricing otherwise well-positioned buyers out of high-cost areas and leading some experts to cry “bubble”. But in 2018, price increases are expected to moderate, says Realtor.

Javier Vivas, director of economic research for realtor.com®, forecasts a home price increase of 3.2% year over year, after finishing 2017 with a 5.5% year-over-year increase. Existing-home sale prices are predicted to increase 2.5% year over year. Of course, it all depends on where you live. While red-hot markets such as San Francisco are predicted to finally lose some steam, sales numbers and home prices are poised to climb in Southern states such as Texas and Florida, where economic momentum continues chugging along and new construction is happening in the right price points, says the article.

Increase in inventory.

More options mean you’re more likely to find what you’re looking for without blowing your budget. The price points between $350,000-$7500,000 are expected to see the most growth this year. In addition, new home construction will also increase. But, with a constricted market, high cost for materials, little available land and building loan financing, this will be a slower process.

If you’re looking to buy a property for the first time, 2018 can be your year. If you’re able to buy into your market before the end of the year, you can reap the financial rewards and the achievement of home ownership.

About Byrnes Agency

At Byrnes Agency, we offer auto insurance solutions that can be tailored to meet your specific needs. Whether you have an old classic car or a brand-new model, we have the right coverage for you. To learn more about our products, contact us today at one of our two locations.

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Dayville Office

Phone: (860) 774-8549
394 Lake Rd
Dayville, CT 06241
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Norwich Office

Phone: (860) 886-5498
6 Consumers Avenue
Norwich, CT 06360
United States
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