Noteworthy stats from 2017

January 23 2018

Looking for a new home but worried about where to buy and when? The good news is that last year's statistics can help predict the fastest-selling neighborhoods in 2018 and what homebuyers can expect when it comes to purchase prices.

New Home Sales and Outlook
The market has seen an increase in new home sales by a staggering 18.9 percent, according to the Associated Press and the Chicago Tribune. In addition to new home sales soaring, studies show that Americans are turning to new construction as a result of the inability to find existing homes.

Freddie Mac reported that 2017 sales were higher than they were in the previous decade, stating that the market is transitioning from a refinance-dominated market to a purchase-dominated one. This led to a reinforcement of low rates and refinance volumes.

2017 Numbers and Recap
Low-interest rates and continuous job growth are predicting favorable economic conditions for the 2018 housing and mortgage market, which is good news for homebuyers. The first 10 months of 2017 reported low mortgage rates by historical standards, which sets the scene nicely for 2018.

As always, we'll continue to stay on top of emerging trends and are available to provide the information you need when the time comes to buy or refinance. Reach out to us today!

Whether you are buying, selling, or refinancing, it is important to have an experienced mortgage professional to help you analyze your financing options, and make sure the closing goes smoothly. As a loan officer with Midwest Community Bank, I have the expertise and experience to get you the right mortgage, and to handle your transaction professionally. With my experience, and our rates and programs, you are sure to get the mortgage that is right for you. Please remember to get me involved early on in your home-buying process. Starting the Process not only gives you a better idea of what you can qualify for, it also gives you a stronger negotiation position when you find the home of your dreams.