Keeping informed about trends and forecasts is important for a professional REALTOR®, especially on a local level. That is so that I am able to help you move forward with one of the biggest decisions in your life – buying or selling a home.

Whether it’s your very first purchase or that empty-nest downsize, some planning strategy and action steps are critical to every phase of the process. Being fully cognizant of trends is a crucial part of the service I provide.

For example, current mortgage trends, new housing construction, existing homes on the market and local market pricing are factors that must be considered in order to create an effective plan whether you are selling or buying.

While no one can predict the real estate housing market future, the old saying “knowledge is power” comes into play here. It appears that mortgage rates will continue to slowly creep up, almost without being noticeable, but after the upcoming elections in November they are likely to be impacted by a probable increase in Federal Reserve prime interest rate.

Current mortgage rates are defining the 2016 housing market and the ultra-low rates are helping to keep U.S. homes affordable for would-be buyers. Last quarter, nearly two-thirds of U.S. homes were “affordable” to households earning the national median income, with most opting for a 30-year mortgage. These borrowers made a modest down payment on the property and carried good credit scores.

A drop in mortgage rates along with a slight rise in worker wages helped to offset rising home prices nationwide. Home values are up more than 5% annually. They’re expected to rise into 2024, too. With home supply short and buyer demand strong, homes will likely be less affordable a year from now.

For buyers wanting to maximize their home-buying dollar the next few months may be an opportune time to purchase a home. After that, home affordability may be worse.

U.S. home prices for homes are rising faster than mortgage rates can drop. If you are considering a move, now might be the best time. By 2024, it is very possible that home affordability may significantly decline.

In closing, using a professional REALTOR® is proven to be the best way to buy or sell your home. We are professionals at Deon Cannon Realty and we’re here to serve your real estate needs. Call us at (404) 630-2985 and we’ll work with you right now to develop a strong and sensible plan to sell your home or find the one that’s absolutely perfect for you.