Thanks to historically low inventory and an extremely competitive market, home prices across the nation have been steadily rising in recent years. And according to expert predictions, it doesn’t look like that trend is going to change in 2018.
According to CoreLogic’s recent Home Price Insights report, home prices are expected to increase by 4.3% in 2018. While that’s less than the 2016-2017’s year-over-year change, which came in at 6.3%, it’s still a significant increase. If you purchased a home for $400,000 today, that same home is projected to cost you an additional $17,200 by the end of the year.
Homes have steadily been getting more expensive, and they’re just going to continue to get more expensive in the upcoming year. Buying at the start of 2018 can save you thousands (even tens of thousands) of dollars vs. waiting until the end of the year to make a purchase.
If you’re thinking about buying a home in 2018, talk to your real estate agent and start looking at properties before prices start to spike.