Construction costs continue to rise, so do home prices

There’s no denying that it’s tough out there for Door County home and condo buyers. The inventory shortage has created a market that’s more competitive than normal. As a potential buyer, you might be thinking, “I should probably wait until next year to make a move.”

But if you want to get the best deal on a home, you should probably rethink that idea.

According to the most recent US Home Price Insights from CoreLogic, home prices are expected to rise 5.7% year-over-year. This means a house you might be considering buying today will be 5.7% more expensive if you wait until this time next year to make a purchase.

What does that look like? Let’s say the house you’re considering making an offer on today is priced at $275,000. With a 5.7% increase, at this time next year that same house is projected to be listed at $290,675—$15,675 more than you’d pay today.

Not only are home prices projected to go up, but so are mortgage rates. Freddie Mac predicts that by the end of 2018, mortgage rates will increase an entire percentage point year-over-year, which will only make buying a home more expensive.

 

The Takeaway

If you’re waiting to buy a home in the hopes it will be affordable next year, do yourself (and your wallet) a favor—stop waiting and make a purchase.

Your real estate agent is the best source of information about the local community and real estate topics. Give Lisa Bieri a call today at 920-493-5472 to learn more about local areas, discuss selling a house, or tour available homes for sale.

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The listings on www.HomeInDoorCounty represent all of the properties listed with the Door County Board of Realtors Multiple Listing Service, and I can help you with them all.

Search all the Door County listings 24/7, and their updates several times a day.

Do you favor a specific community, or just want to look at condos for instance?  Try Door County Listings by Location.  

Summary
Should I Wait Till 2019 to Buy in Door County?
Article Name
Should I Wait Till 2019 to Buy in Door County?
Description
If you’re waiting to buy a home in the hopes it will be affordable next year, do yourself (and your wallet) a favor—stop waiting and make a purchase.
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Lisa Bieri & Associates at Door County Realty, Inc.
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