Three things to know about the housing market right now.

When will home prices really come down? Will mortgage rates continue their steady increase? Should I buy a house in today's market? Let's break it down.

Due to the housing shortage, home prices will continue to rise in the following months. Although inventory is improving, it will remain tight as home builders cut down on single-family home production,” says Nadia Evanhelou, National Association of Realtor (NAR).

In some markets, prices may plateau if rates continue to rise, but if you’re thinking about staying on the sidelines until prices start falling, you may end up waiting for some time, Economists agree that even if the housing market cools a bit, prices won’t fall significantly.

The average 30-year fixed rate climbed from around 3% in January to around 6% in July, according to Bankrate data. It’s more than likely the increases won't stop there, and as rates increase, so does the the cost of doing business equally diminishing your purchasing power.

Mortgage rates are still somewhat low by historical standards. “Rates were 18% the last time inflation was this high in the early 1980s, and they were as high as 8.5% as recently as 2000.

Should you buy in todays market? As the city becomes the tech hub and population continues to grow, a home to live in, in this city, in this market, is still one of the best purchases you could make. As prices are sure to appreciate as they always have over time and rates will continue to fluctuate, lock a home in now, and consider it an investment.

Source: https://www.marketwatch.com/picks/im-the-chief-economist-of-a-mortgage-firm-that-has-funded-more-than-100-billion-in-loans-these-are-3-things-to-know-about-the-housing-market-now-01659397777