If you are considering purchasing a home this year, do not delay! According to Realtor.com, interest rates are expected to continue to rise and the inventory of homes for sale to shrink as 2017 continues.
Here’s what you can expect from the market this year:
Millennials are growing up and baby boomers are retiring. Many millennials are reaching their 30s and are looking to commit to a home, while baby boomers are reaching retirement age and are looking to downsize. This influx of new buyers does not seem to be slowing down, and there may not be enough inventory to keep up.
Mortgage rates are rising. During the first quarter, the average 30-year mortgage rate was just above 4 percent, which still remains historically low. It’s projected to climb to 6 percent by 2020.
New construction is in demand. Single family home construction is predicted to grow 10 percent this year, according to the National Association of Home Builders.