affordable than it will be in a year
Times change, and like everything, the reason things
result in change is due to the simple fact that related factors
have shifted slightly, thus impacting everything and causing this
said change. Much of the same can be seen in the field of real
estate where values, risks, rewards, and more all are highly
volatile depending on the month and the given year. Perhaps the
most important rate of change to measure for the populace with
regards to the real estate industry is the cost of a house.
Largely determined by the price and the mortgage
rates, below we have highlighted just how much a median-priced home
would cost you today, this time last year, and in a year from now
for some valuable insight.
These figures are taken on a nationwide scale from the
National Association of Realtors Existing Home Sales Report and
Freddie Macs Primary Mortgage Market Survey, all while assuming a
20% down payment.
When discerning the interest rate, the average
projections from Fannie Mae, the Mortgage Bankers Association, and
Freddie Mac were all inputted into the equation. In the end, the
following statistics were gathered:
Last
Year
Today
Next Year
As in any market cycle, it is always difficult to predict the
future. However, with respect to the real estate industry, one can
take confidence in the recent signs which only depict a future
market that will realize continued successes. In the recent Home
Price Expectation Survey, over one hundred professionals were
surveyed with the results pointing to the next year displaying a 5%
appreciation rate in the industry. Concluding on the given numbers
above, it seems like quite the wise decision to purchase real
estate now before prices and interest rates climb any further
across the country, wouldnt you agree?
More Information: Keeping Current
Matters