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#GOT Winter Is Coming...Why Home Buyers Need to Hurry #TimetoBuy #HyperLocal
The latest Ventura County new home sales report released by the National Association of Home Builders revealed that the sale of new single-family homes fell 5.5 percent month-over-month to 553,000. They were 13.2 percent below September 2017's sales, which were estimated at 637,000. There have been signs recently that the market is shifting toward the favor of home buyers.
If Buyers are hoping to wait it out, please remember that mortgage rates are also increasing. The typical mortgage payment jumped 13.1 percent over that same one-year period, due to a nearly 0.6 percentage point increase in mortgage rates, according to new data from CoreLogic, a real estate research firm.
Mortgage rates are expected to keep rising, too. CoreLogic researchers predict a nearly 10 percent increase in buyers’ mortgage payments by next July, twice the rate expected for home prices. Rates are expected to increase by about 0.43 percentage points between July 2018 and July 2019. Housing forecasters predict median home sale prices to continue to rise by 1.8 percent in real terms over that same period.
The fall in sales, "marks a notable retreat from the recent, modest growth trend that had been in place due to solid economic conditions and unmet demographic demand but constrained by rising ... more
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