According to Zillow’s Price Expectation Survey, experts expect higher home prices for 2018 than originally projected. This could mean that 2018 is the perfect time to finally consider selling your house for sale in Southpark! Read this article for details about the home value forecast for 2018 and why housing prices may soar.
Survey Details
Zillow’s Price Expectation Survey has the input of over 100 experts, including economists. They expect a hike of 4.1 percent in the new year! Approximately one year ago, a 3 percent increase was forecasted, but this has since risen.
What other increases do experts foresee? Mortgage rates are also expected to rise. Current rates on a 30-year fixed average in at 3.90 percent. This number could end up anywhere from 4.28 to 4.70 in 2018!
A higher mortgage rate means buyers’ budgets are going to only tighten. More affordable homes are going to increase even more in demand. Unless something changes, this could be the new normal for the American housing market. If you are thinking about purchasing a Southpark home for sale, now is the time to do it so you can be locked in at a lower rate.
Why Home Values Rise in 2018
The question remains; Why will home prices rise in 2018? The answer is home-building simply has not kept up with the rising demand. Young Americans are becoming more confident and financially stable and are ready to purchase a Southpark house for sale.
The survey shows that less than 20 percent of experts believe home-building will pick up in the upcoming year. With this continued low supply and high demand, prices have nowhere to go but up!
What do you think of the home value forecast for 2018? If you are considering Southpark homes for sale, contact Homes By Cross today. We are your local Charlotte real estate experts who will work to get you the best deal possible!