HOMES STILL SELLING QUICKLY
Homes are selling at the fastest pace in nearly 10 years as low mortgage rates, rising rents, loosening loan guidelines, and eager sellers combine to shape the hottest housing market of the decade.
And, now, with today’s mortgage rates back below 4%, buyer purchasing power is higher by as much as 10% as compared to the start of last year.
If you could afford a $300,000 home one year ago, you can afford a $330,000 home today.
Meanwhile, as purchasing power rises, renters are witnessing an increase in rents nationwide. It’s no wonder that first-time buyers now account 28% of homes sold; and, that 43% of homes are selling within 30 days.
Existing Home Sales and New Home Sales volume are hitting multi-year highs and homebuilders forecast a huge number of home sales through the rest of 2015.
The best deals in housing may be the ones you get today. Because of competition and a change in the economy, this time next year, home prices and interest rates are expected to be markedly higher.