Are you holding out for the perfect bargain on a new home? Now may be the time to strike a great deal.
Home Price Growth Is Slowing
Home values rose at a dramatic pace over the last few years, but that trend is now reversing. In fact, home price growth has decelerated every quarter since the beginning of 2018.
Source: Federal Housing Finance Agency (FHFA) U.S. House Price Index Report, Q1 2019.
Rates Are Still at Historic Lows
Just like home prices, interest rates have also been declining recently. According to Freddie Mac, the average 30-year fixed rate is nearly a full percentage point lower than six months ago.* That 1% difference can increase your buying power by roughly 10%, enabling you to obtain a lower monthly payment or afford a higher purchase price on your home.
The housing market continues to turn in favor of buyers. Don’t miss your opportunity to make the most of it.
*As of June 2019