The Market is moving in the right direction.
Existing home sales have risen again. September and October add to a build-up of months that show sales steadily increasing. The market is finally making its recovery. Buyers are responding to the low mortgage interest rates and incredible prices. Housing is so affordable right now; people have monthly mortgage payments that are less than monthly rent!
Lawrence Yun, NAR chief economist, said, "the overall direction should be a gradual rising trend in home sales with buyers responding to historically low mortgage interest rates and very favorable affordability conditions."
These conditions are too good to ignore. Interest rates are nearly half of what they were a decade ago. On top of that, home prices are about 22 percent less than five years ago. The market is healing. Buyers are losing their trepidation. And all is right in the world.
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