Interest rates are expected to go up in 2017. The Fed is forecasting three rate hikes in 2017. What does this mean if you are a home buyer or home seller? Well, potentially its going to cause home prices to stagnate because buyers will not be able to afford the same thing as they could in 2016. With the run up in home prices over the last couple years a cooling off period could be just what this market needs to balance out some. The market is currently extremely unbalanced in favor of home sellers. Currently Hillsborough county is sitting at a 3.1 months supply. There is just not enough inventory out on the market right now which is what has caused the run up in prices. October 2016 showed a 13% year over year rise. Thats a massive increase, yet we still have not reached the same levels as when the housing crash occurred. So in a nutshell, if you are a home buyer or are planning on buying in 2017 you might want to act sooner rather than later. These historically low interest rates aren’t going to last much longer and we are likely not going to see rates at these levels again in the future.
Our team would love to assist you with buying or selling your next home. Don’t hesitate to reach out to us!