What’s Going On In Real Estate Right Now?

In the recent Equifax Finance blog article, “Buying a Home? What’s Happening in Today’s Real Estate Market,” industry experts shared their thoughts and insights on what’s going on in real estate right now.

Mortgage interest rates are low, but creeping up: According to Amy Crews Cutts, chief economist for Equifax, today’s interest rates are the best you’ll get, and if you have a low rate, lock it in now. While she can’t predict how far and how fast rates will rise, she doesn’t expect rates to hit 6 percent for years. 

Home prices are being impacted by low inventory and seasonal demand:  According to Steve Cook, former vice president of public affairs for the National Association of Realtors, many markets across the nation have too-tight inventories. “Homes aren’t there for people to buy,” Cook said, which is even causing bidding wars in some areas. Cook reported that home prices are also up; but credits it to seasonal buyers who want to be in a new home before the end of summer and are willing to pay more for it. He predicts home prices will fall in the fall and winter months, as inventories grow, and sellers have to price their properties more competitively. That’s good news for buyers who will have a greater selection of homes available and at lower prices.  The situation overall is looking better for buyers who can get financing. The article recommends buyers do as much research as possible to better understand their local market and improve their chance of getting that dream home.

Read the full article on the Equifax Finance blog, which also has loads of advice on all types of personal finance topics like credit, retirement, taxes, insurance, identity theft protection and more.