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Will Mortgage Rates Continue To Rise In 2019?

Posted Wednesday, November 28, 2018

For home sellers and buyers, one of the biggest questions they have as 2019 approaches is wondering if mortgage rates will continue to rise. Having inched upwards in 2017 and 2018, many experts predict this trend will continue. However, as anyone who knows real estate understands, anything can happen along the way. Therefore, if you are ready to sell my house due to a divorce, relocation, inheritance, illness, or other situation, experts believe the sooner you act, the better. 

If you have been hesitant about buying a home, now is not the time to stay on the fence. According to MLS statistics, the average mortgage payment will increase 9.7 percent by March 2019, going from $859 per month to $942. In addition, the Mortgage Bankers Association predicts mortgage rates will increase to nearly five percent for a 30-year loan. If this occurs, home purchases could decline across the nation. Therefore, if you need to sell a home fast, it's best to do so now, since buyers will jump at the chance to purchase properties at lower prices and lower mortgage rates. 

As mortgage rates continue to rise, so do the prices of most homes. According to Zillow, median home prices across the United States rose 8.1 percent in 2018, and are expected to rise another 6.5 percent through the summer of 2019. This is due mainly to many U.S. housing markets having low inventories, giving sellers a distinct advantage. Since supply and demand for houses is expected stay unstable into much of 2019, deciding to sell my house fast now can ensure you will be able to get top-dollar for your property, while also being able to close the deal much faster than you anticipated. 

Due to the forecasts of rising mortgage rates, tight housing inventories, and home price increases, more and more real estate investors are extremely eager to find and purchase as many properties as they can while prices and mortgage rates are still relatively low. This is especially good news for those buyers wanting to sell homes fast, since they will be able to offer comparable properties at very reasonable prices. However, remember that to get the best deal if you are selling a home due to illness, inheritance, relocation, divorce, or other life event, always be sure you work with real estate professionals who specialize in selling homes fast. 

Since even the best experts have difficulty predicting real estate trends, it can be hard to know when is the best time to sell. However, with so many buyers seeking great homes at low prices, selling your home fast in today's market is a smart decision.