“Life is about timing.”
From the small to the large, and the planned to the unplanned, life really is all about timing. Have you decided it’s time to buy a home? Right now, the rush to the housing market may be winding down after years of historic activity. So what should potential buyers do? Some key indicators suggest acting soon. Here’s why.
1. Mortgage rates are rising—and set to go higher. In fact, they are now at their highest point for 30-year fixed mortgages since April 2014.
2. Real estate prices are on the rise, so speed may be key. According to The Washington Post the National Association of Realtors believes housing prices may rise as much as 5.5% before the end of the year. High demand, especially in popular markets, is driving up prices.
3. Similarly, inventory is still in short supply—and moves fast. Houses come on and move off the market with lightening speed. Redfin reports that, for the third year in a row, low inventory means houses just won’t stay on the market long.
4. Right now, there’s a window of opportunity. The new inventory—what little there is—will hit the market in the spring. That’s right around the corner.
5. Millennials, a generation bigger than the Baby Boomers, are entering the age of home ownership. What effect this will have on the market is subject to much speculation. With the number of potential buyers, not accounting for their entry into the market could be rolling the dice.
As you consider entering the market, consider speaking with Rhinebeck Bank first. We’re happy to help share our insight with people whether they’re looking for their first home or their next home. We know and care about the Hudson Valley market and would love to help you move into your dream home. A local, independent bank, we help the businesses—and the people—of our community make smart decisions in uncertain times.
Rhinebeck Bank has been an integral part of the community since 1860. They are committed to remaining a local, independent bank; helping people and businesses flourish in the Hudson Valley. For more information about Rhinebeck Bank or any of their products or services please visit: www.RhinebeckBank.com.
Rhinebeck Bank, member FDIC. Equal housing lender.
2 Jefferson Plaza
Poughkeepsie, NY 12601
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