The Austin-area continued to break records in home sales and median price for single-family homes
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Experts predict smaller price increases this year. Their best guess is that prices will be up but not as much as last year.
Some surveys show consumers expect to pay 3 percent more each year for the next ten years. In other words, home prices will likely increase less than mortgage rates, indicating that the consumption motive to purchase a house is stronger than the investment one.
Also, the futures markets have home price increases at 5 percent annually. Experts see a continued buyer preference for rentals because household formation has been slowed by unemployment.
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Contacting a lender is an important step in the home buying process.