sellers market: The Rates are Rising: Real Estate News and the Public’s Reaction
- 07/11/13 02:23 AM
Mortgage rates are rising rapidly. “…the Mortgage Bankers Association showed that interest rates for a 30-year fixed mortgage rose to 4.68% last week—the highest rate in two years and up from 4.58% a week earlier.” (SOURCE)
Market Reaction: The momentum of the real estate recovery has taken hit by the sharp increase of mortgage rates in the last few weeks. Cheap loans, especially those for 30-year fixed mortgages, have been able to keep the real estate market profitable for those buying and refinancing. “After the surge in mortgage rates over the last week, I expect things to calm down a … (0 comments)
sellers market: Swinging Pendulum: Sellers Regaining Power in Real Estate Transactions
- 06/26/13 01:12 AM
"The recovery has transformed the mindset of many buyers and sellers who grew accustomed to the buyers' market we saw for years," said Rick Davidson, CEO of Century 21. "Buyer confidence is building back up and demand is strong... sellers are now in a more favorable position." (Source) 33% of Americans have been home hunting for over a year and with that timeline in mind, many are willing to make compromises on where they ultimately end up living and even the type of home they choose just so they can close the deal. On top of this, only 2.16 million homes … (0 comments)
sellers market: Seller’s Market on the Rebound throughout the Country
- 02/24/13 11:22 PM
A seller’s market is developing and home prices are continually raising in every region expect for the West. Here we are seeing a limited inventory. Nationwide, inventory fell 4.9% to 1.74 million homes available for sale (representing a 4.2 month supply at the current sales price). Distressed home sales accounted for only 23% of the home sales in January 2013—down from the 35% the prior year.
“We expect a seasonal rise of inventory this spring, but it may be insufficient to avoid more frequent incidences of multiple bidding and faster-than-normal price growth,” Lawrence Yun, NAR chief economist, explained. In … (2 comments)
Mortgage rates are rising rapidly. “…the Mortgage Bankers Association showed that interest rates for a 30-year fixed mortgage rose to 4.68% last week—the highest rate in two years and up from 4.58% a week earlier.” (SOURCE)
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