Home Prices Are Set to Soar in 2018
courtesy of Diana Olick, CNBC
The temperature may be frigid across much of the nation, yet home prices are sizzling and sellers are in the hot seat. Home prices in Miami will also continue to rise. Will you be ready and buy prior to this increase or will you be left behind?
Sales prices jumped 7 percent annually in November, according to a new report from CoreLogic.
That is the third straight month at that pace, far higher than the price gains in the first half of 2017. Low supply and high demand are fueling the spurt and neither of those is expected to ease up anytime soon.
Supply is actually falling even more now, and a strengthening economy is pushing demand. This will have potential buyers out early this year, trying to get a jump on the spring market.
“Rising home prices are good news for home sellers, but add to the challenges that home buyers face,” said Frank Nothaft, chief economist at CoreLogic, in the report. Nothaft said the limited supply is the worst at the lower end, and will hit the growing number of first-time buyers hardest.
Without a significant jump in home construction, prices will remain high and likely move higher. Mortgage rates could also move slightly higher, and new tax policy limiting mortgage and property tax deductions, is hitting homeowners in some states hard.
Why Work with Mario Quintero
Do you doubt what our good friends at CNBC are predicting? Home prices are set to rise in Miami and across the entire USA. Are you in the market looking to buy, sell, rent or lease a property? Mario Quintero has been in the mortgage business since 2002. Mario’s experience is tested and true. Mario has helped hundreds of families purchase their dream homes and secure competitive financing.
Mario Quintero, principal of Strock and Tanner Mortgage, gets your deal done. Let me be both your trusted Miami realtor and Miami mortgage broker.
Get in Touch with Mario
I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami home consultant. Our office specializes in both residential and commercial real estate and financing programs. Let me help you secure a VA, conventional, jumbo, FHA and foreign national mortgage loans. Furthermore, we can help your elderly parents secure a comfortable retirement with a reverse mortgage.