The latest report of the Case Schiller Home Price Index published in May, 2017, indicates that sooner is better when it comes to buying a house. Why? Twenty major metro areas have seen home prices increase 5.7% over last year. If this increase holds true, a house that costs $200,000. this year will cost $211,400. next year.
Obviously, there are multiple factors that influence home prices such as location, inventory supplies, demand, influx or not of new residents. Just take a look at the different appreciation rates in these cities..
Seattle – +13%
Boston – +6.1%
Miami – +5.7%
Chicago – +3.6%
Overall projections regarding mortgage rates in 2018 come down to 4.3% though Fannie Mae and Freddie Mac are expected to be 3.8% and…