Rising Sale Prices and Mortgage Rates Mean You’ll Have to Fork Over More for that Home Purchase this Year

The Washington Post | January 11, 2017       Last year, more people wanted to buy homes and fewer people decided to sell, which made 2016 one of the strongest seller’s markets in recent years.

Unfortunately, 2017 looks to be more of the same. According to Doug Duncan, Fannie Mae’s chief economist, homeowners are staying in their homes longer, and the super-low interest rates we’ve seen since 2012 mean that it’s often less expensive to stay rather than downsize.

Low housing inventory means that prices will continue to rise. Rising interest rates mean affordability will be impacted, particularly for first-time buyers. So, if you’re planning to buy in 2017, be prepared for even higher prices and higher interest rates.  Read more here.