While home prices may have ended 2017 on a high note, in the United States this year (2018), home prices are beginning to rise, faster than the rate of economic growth.
Home prices have increased 5.9% which is impacting buyer’s budgets. The market had been very limited and with Spring market in full-swing, NAR chief economist, Lawrence Yun believes “one of the top wild cards for the housing market in coming months will be how both buyers & potential sellers adjust to the steady climb in mortgage rates since last year.”
Along with raising home prices, interest rates are on the rise as well which puts a strain on borrowers and adding additional pressure to their budget.
According to the National Association of Realtors, rising interest rates could also hold back some sellers that are reluctant to lose their lower interest rate, particularly if they had recently refinanced.
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