The real estate market is bouncing back and steadily improving from what might be the worst housing slump in 80 years. Choosing to begin the search for your new home now will afford you a great many choices and provide many opportunities in cost.
Decreasing Borrowing Costs + Increasing Housing Prices
Bloomberg recently reported that U.S. mortgage rates for 30-year fixed loans have fallen for the first time in six weeks to 3.51%, down from 3.56%. What is even more telling of an improving housing market are the reports that “prices in 20 U.S. cities climbed in the 12 months through December by the most since July of 2006”, this according to the S&P/Case-Shiller index of home prices.
With the cost of borrowing continuing to remain near record lows, reports of decreasing jobless claims, as well as rising home prices across the nation, now is the perfect time to begin the search for your new home as this window of opportunity will likely not remain open for much longer.
Mortgage Rates and the Market
The lower mortgage rates are also causing growth in demand for new construction for residences in some parts of the country. As the demand for more residences rises, along with rising housing prices and stationary, for the time being, mortgage rates, the optimum housing choices in each market will be a hot item, disappearing quickly.
If you are in the market to purchase a new home, investment or otherwise, today’s market environment is very promising and offers many opportunities. I would be glad to help you.