2017 housing market predictions
Posted: Tue Nov 22, 2016 6:41 pm
Anyone care to venture a guess as to how the housing market will be doing next year? I want to buy a house with cash soon (< 1 year), so naturally if we are at a turning point with record low mortgage rates ending, I would want to wait a little longer if there are good odds of falling prices.
Since average mortgage rates just jumped from roughly 3.5% to 4.0%, the amount of the mortgage would have to come down 6% to make the monthly payment the same. Maybe that will cancel the upward momentum of prices for the short term?
Where I am (Massachusetts), everyone still says houses are in short supply... though there are plenty of decent ones that have been listed for a while when I search. So I'm not sure how high mortgage rates will have to go to reverse the trend.
Can the year ahead in the housing market even be predicted with any degree of certainty? What should I keep an eye on besides of course home price indices and mortgage rates?
Since average mortgage rates just jumped from roughly 3.5% to 4.0%, the amount of the mortgage would have to come down 6% to make the monthly payment the same. Maybe that will cancel the upward momentum of prices for the short term?
Where I am (Massachusetts), everyone still says houses are in short supply... though there are plenty of decent ones that have been listed for a while when I search. So I'm not sure how high mortgage rates will have to go to reverse the trend.
Can the year ahead in the housing market even be predicted with any degree of certainty? What should I keep an eye on besides of course home price indices and mortgage rates?