Should You Move Up In 2017

Dated: 05/09/2017

Views: 133

Is 2017 the Year to Move Up to Your Dream Home? If So, Do It Early!

Is 2017 the Year to Move Up to Your Dream Home? If So, Do It Early! | MyKCM

If you are considering moving up to your dream home, it may be better to do it earlier in the year than later. The two components of your monthly mortgage payment (home prices and interest rates) are both projected to increase as the year moves forward, and interest rates may increase rather dramatically. Here are some predictions on where rates will be by the end of the year:

A Few Move-Up Homes Available in the Portland Metro Area:

Freddie Mac

While full employment and rising inflation are signs of a strong economy, they also have the potential to push mortgage rates and house prices up. The higher rates and higher prices create significant affordability concerns, which may continue to characterize the housing market for the rest of 2017.”

Lynn Fisher, Vice President of Research & Economics for the Mortgage Bankers Association

By the time we get to the fourth quarter of this year, we will still be under 5 percent – we are thinking 4.7 percent…Something north of 5 percent by the time we get to 2018, and by the time we get to 2019, we show fourth-quarter rates hitting 5.5 percent.”

Mark Fleming, First American’s Chief Economist

Despite some regional disparities, title agents and real estate professionals do not expect increasing mortgage rates to have a significant impact on the housing market this spring. Continued good economic news, increasing Millennial demand and confidence that buyers will remain in the market even if rates exceed 5 percent bode well for 2017 real estate.

Len Kiefer, Deputy Chief Economist for Freddie Mac

We will probably see rates higher at the end of year, around 4.5%.”

Bottom Line

If you are feeling good about your family’s economic future and are considering making a move to your dream home, doing it sooner rather than later makes the most sense. 

Some Portland Area Statistics

Latest Blog Posts

Coming Soon 38651 Galway St Sandy Or 97055 VideoWalk Thru

Coming Soon! A great corner lot Townhouse with a LARGE lot!You can get on the Notification List: Text LFR7 to 88000 What sets this home apart from all the others in the neighborhood?  The

Read More

How Current Interest Rates Can Have A High Impact On Your Purchasing Power

How Current Interest Rates Can Have a High Impact on Your Purchasing Power Tuesday May 22nd, 2018  First Time Home Buyers, For Buyers, Interest Rates, Move-Up

Read More

Need A New House

Are you tired of countless repairs? Would a newer home in great condition excite you?Sometimes that new house smell is just what you need to experience the peace and comfort when you get off work. I

Read More

Portland Oregon Residential Real Estate Review April 2018

Portland Oregon Residential Real Estate Review April 2018April 2018 Residential Highlights Closed sales saw an upswing this April in the Portland metro area. There were 2,523 closings, a 13.7%

Read More