Should You Move Up In 2017

Dated: 05/09/2017

Views: 125

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

Homeownership Is Important In Oregon And Across The Country

93% Believe Homeownership Is Important in Attaining the American Dream  Thursday January 11th, 2018  First Time Home Buyers, For BuyersAmericans continue to believe that

Read More

The Impact Of Tight Inventory On The Oregon Housing Market

The Impact of Tight Inventory on the Oregon Housing MarketThe housing crisis is finally in the rearview mirror as the real estate market moves down the road to a complete recovery. Home values are,

Read More

Real Estate Under The New Tax Plan

1031 Exchanges - Depreciation and more has been saved for Real Estate Investment and Personal Residences!Investment Property in the Portland Metro AreaMajor Provisions Affecting Commercial

Read More

Top 4 REAL Reasons We Buy A Home

Top 4 REAL Reasons We Buy a HomeWe often talk about the financial reasons why buying a home makes sense. But, more often than not, the emotional reasons are the more powerful or compelling reasons

Read More