Home prices seem to be rising in the Charlottesville MLS – keep in mind with this chart that it’s for the entire Charlottesville MLS.
Interest rates are rising, but let’s keep some perspective.
(thanks to Keith for the chart)
Here’s the thing – if you’re buying a home and you are confident you’ll be there for at least five to seven years (many of my clients now are looking at 15-20 year timelines), be aware of the potential for price drops, but also focus on what your total cost of ownership will be versus renting.
– Zillow expects a lot of interest rate volatility to come
– A few comments on House Prices and New Home Sales
– Mortgage Rate Shock Likely to Dent the Housing Market
– Existing Home Inventory is up 16.9% year-to-date on June 24th
– Mortgage Applications Collapse To Lowest In 19 Months
– Housing Market Shrugging Off Rise in Mortgage Rates
– Run-up in mortgage rates raises questions about housing recovery
Trulia’s economist –
My top 3 housing worries: mortgage credit (more than rates), young adults' finances, & construction limits in pricey cities. @JimDuncan
— Jed Kolko (@JedKolko) June 26, 2013
Zillow’s economist –
Buyers expecting home values to keep rising at this pace may be in for a shock. More inventory, higher rates will help slow things down
— Stan Humphries (@StanHumphries) June 25, 2013
The NAR’s economist:
“The price increases are misaligning with other economic fundamentals,” Yun said.