According to the National Association of Realtors, median home prices across the US have increased by more than 7% year-over-year. This means you’d pay approx. $374,000 in today’s market for a house you could have purchased a year ago for $349,000. Here are three ways this could impact you:
1 – If You’re Thinking of Selling a Home You may benefit by selling your home now instead of waiting. The new home you’d purchase to replace your current home is likely to cost you more if you wait a year. Not only that, but your monthly payments could also increase if interest rates continue to climb.
2 – If You’re Thinking of Buying a Home For the same reasons stated above, it’s probably a good idea for you to consider buying now instead of waiting. If home prices continue to increase, you’d benefit from the increase instead of being stuck on the other side of the decision wishing you could have purchased a home at last year’s prices.
3 – If You’re Thinking of Making Home Improvements If your home has increased in value, you may be able to tap into the additional equity to finance your home improvement project.
Contact me for more info or to explore your options!
