Waiting to purchase a home will cost you money. Here’s why.
Where will home prices be a year from now, and what about mortgage rates?
For the Truckee and Tahoe markets, home prices are projected to appreciate nearly 8% this year. Mortgage rates are expected to rise from 3.1% to nearly 4% towards the end of the year. With both variables increasing, monthly mortgage payments will increase accordingly.
While many buyers are experiencing fatigue from the tumultuous market in 2021, we are encouraging buyers to continue to be proactive and be prepared to make immediate offers on new listings.
What about next year, is this a bubble that won’t last?
There are no triggers for the market to adjust right now. Meaning, there aren’t indicators of a shift in the market coming in the foreseeable future. For example, in 2008, the abundance of bad loans triggered a market shift. Currently, we do not expect to see a shift to cause values to lessen significantly. Across the US, we are seeing a lot of wealth enter the resort markets and purchase homes. Tahoe is no exception.