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If you are one of the many homeowners out there who are debating putting their home on the market in 2015, don’t miss out on the opportunity that currently exists. There will be significantly less competition in the winter months than in the spring.
According to the National Housing Survey released by Fannie Mae, 45% of homeowners “say mortgage rates will go up in the next 12 months.”
Homeowners are unaware that interest rates are projected to go up by all four major reporting institutions – This is big news for move-up buyers reflecting the overall amount of housing inventory that will be on the market.
If existing homeowners believe that mortgage interest rates are not going to increase, then they won’t be inclined to make a move by putting their home up for sale, meaning less competition for sellers who list now.
The study also revealed that:
“Those who say it is a good time to buy a house rose to 68%” & “the share of respondents who think it would be difficult to get a home mortgage today decreased by 3 percentage points.”
As Doug Duncan, senior vice president and chief economist at Fannie Mae explains:
“We expect consumer attitudes toward housing to improve as the pickup in the overall economy lifts employment and income prospects.“
There are buyers out there who are ready to make a move. If your goal this year is to move up to your dream home, what are you waiting for?
Are you ready? Ready to get out of the renters rat race? Can’t have that beloved pet, can’t paint the walls and can’t control when the rents go up? We are here to help. Helping first time home buyers reach their goals and get out of the renters rat race! Homeownership grows equity and wealth!
Call or text direct 214-699-6788 so we can set up an up to date & accurate custom home search portal just for you!
Check out this article : 2015: Year of the First-Time Home Buyer
… Buy not Rent
There are many young people debating whether they should renew the lease on their apartment or sign a contract to purchase their first home. Based on a recent study, here are two reasons buying a home might make more sense:
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11/3/2014 – Millions of Potential New Households Waiting Out the Recovery
11/11/2014 – Experts: First-Time Homebuyers’ Weak Finances Holding Back Housing Market
12/2/2014 – In 2015, Millennials Will Be Biggest Home Buying Group
It sure seems that the group that released the first two stories emphatically disagrees with the organization that published the last news release.
Amazingly, the same entity published all three reports. What?
It seems the company (a well-respected provider of housing information) reported that those forming new households are not looking to buy a home. They actually surveyed over one hundred housing experts who agreed. But 30 days later, they reported that millennials (most new households) will be the biggest group of home buyers this year. All in one month!!
All the headlines could actually be true. However, a consumer reading them might be misled. This is evidence of how difficult it is to actually understand the intricacies of today’s housing market. Even the experts can seem confused.
If you are thinking of either buying or selling a home, it is probably best to engage a local real estate professional to help you successfully navigate the ins-and-outs of today’s real estate transaction.
Kill HOME SALES?
The Mortgage Bankers Association, the National Association of Realtors, Fannie Mae and Freddie Mac are each projecting mortgage interest rates to increase substantially over the next twelve months. What will that mean to the housing market in 2015?
Last week, we posted a graph showing that home prices appreciated each of the last four times mortgage interest rates dramatically increased. Today, we want to talk about the impact higher rates might have on the number of home sales.
The reason many experts are calling for a rise in rates is because they see a stabilizing economy. With the economy beginning to improve, they expect the employment situation to regain some ground lost during the recession, incomes to grow and for consumer confidence to improve.
What will that mean to home sales next year?
In its November 2014 U.S. Economic & Housing Market Outlook, Freddie Mac explains:
“While higher interest rates generally detract from housing activity, when they occur with strong job and income growth the net result can be increases in household formations, construction, and home sales. Our view for 2015 is exactly that, namely, income and job growth offset the negative effect of higher interest rates and translate into gains for the nation’s housing market.”
Even with mortgage rates increasing, home sales and home appreciation should be just fine in 2015.
SEE Triple Crown Realty for more info:
Whether you are buying or selling a home, it can be quite an adventurous journey. You need an experienced Real Estate Professional to lead you to your ultimate goal. In this world of instant gratification and internet searches, many sellers think that they can For Sale by Owner or FSBO.
The 5 Reasons You NEED a Real Estate Professional in your corner haven’t changed, but have rather been strengthened due to the projections of higher mortgage interest rates & home prices as the market continues to recover.