If you’re thinking about purchasing a home, you might want to make a move soon because according to experts, prices are heading upward.
According to the Zillow Home Prices Expectations Survey, the median home price in the US is set to jump from the current value of $202,700 to $238,995 by 2024—a nearly 18% increase. And a solid portion of that increase is set to take place this year; the experts surveyed predicted a 4.13% jump in 2018 alone.
For the NW Region, and our corner of the map, Pierce County median home prices have risen 18% percent year-over-year. Far exceeding the national growth averages, the Northwest Puget Sound area is booming. In fact, Seattle home prices are the fastest rising in the nation.
Not only are prices trending upwards, but according to a recent report from Freddie Mac, so are mortgage interest rates. According to the report, interest rates for a 30-year fixed mortgage are forecasted to jump an entire percentage point by the end of the year (from 3.9% in Q4 of 2017 to 4.9% by Q4 2018).
If you’ve been thinking about purchasing a home, you’re going to want to make a move sooner rather than later. The longer you wait, the more you’ll pay for your home.
If you're considering purchasing a new home in the next few nears, consider looking now. While prices are lower, and rates are somewhat stable. Take a look at the new Rush communities in Pierce County, maybe your new home is under construction right now?
Some content originally appeared on The bestrealestateblog.com.