"Inventories are at their highest level in over a year, and price gains have slowed to much more welcoming levels in many parts of the country," NAR Chief Economist Lawrence Yun says. "This bodes well for rising home sales in the upcoming months as consumers are provided with more choices.New home construction needs to rise by at least 50 percent for a complete return to a balanced market because supply shortages – particularly in the West – are still putting upward pressure on prices."
Boca Raton is a little different than other parts of the Country. See picture below and you can see that was an increase in news listing coming to the market and sales is up 5% from 2013 in the same period.Median price of homes in Boca Raton is up 13.1%.
4 Reasons You Should Sell Your Home Right Now FREE REPORT
4 Reasons You Should Sell Your Home Right Now FREE REPORT
Over the last several years, we have seen record low interest rates on mortgages. This was primarily in an effort to allow folks to continue to afford to buy properties and promote growth. The lower rates have allowed for the housing market to begin the slow process of healing. However, the past few months have seen interest rates gradually begin to increase. Further, these rates are projected to continue to go up steadily over the next year, and beyond, by the Mortgage Bankers Association. Check out the following figures.
- November 2012 boasted a record low interest rate on a standard 30-year mortgage loan at 3.31%. (businessweek) A 30-year mortgage is often the go-to loan for new homebuyers because they offer a low and affordable monthly payment plan. This lower payment allows buyers to purchase a more expensive home than they possibly could with a 15-year mortgage loan.
- As of February 1, 2013, that rate increased to 3.53% for the same loan. Obviously, this is not a huge hike, but the increase isn’t following the trend of the past few years by going back down. Rather, this interest rate is holding steady with projections to creep up even more. (businessweek)
4 Reasons You Should Sell Your Home Right Now FREE REPORT
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