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    Think Buying A Home Will Be More Affordable In 2019? Think Again

    There’s no denying that it’s tough out there for buyers. The inventory shortage has created a market that’s more competitive than normal. As a potential buyer, you might be thinking “I should probably wait until next year to make a move.”

    But if you want to get the best deal on a home, you should probably rethink that idea.

    According to the most recent US Home Price Insights from CoreLogic, home prices are expected to rise 5.7% year-over-year—meaning a house you might be considering buying today will be 5.7% more expensive if you wait until this time next year to make a purchase.

    What does that look like? Let’s say the house you’re considering making an offer on today is priced at $275,000. With a 5.7% increase, at this time next year that same house is projected to be listed at $290,675—$15,675 more than you’d pay today.

    Not only are home prices projected to go up, but so are mortgage rates; Freddie Mac predicts that by the end of 2018, mortgage rates will increase an entire percentage point year-over-year—which will only make buying a home more expensive.

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    Our agents write often to give you the latest insights on owning a home or property in the Central Virginia area.

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    April Lane of Joyner Fine Properties was very instrumental in helping me get my house sold. She held my best interest at heart while holding my hand along the way to make the process smooth and seamless. When there were minor repairs to be done, through Joyner’s many resources/contacts, the work was done in a timely and efficient manner. If I ever buy or sell another house in the area, I would definitely recommend Joyner.”
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