“We are in a strong housing market. Whether you are thinking of buying or selling, it’s a great time to be in the market.”
A lot is happening in the world, and it’s having a direct impact on the housing market. The reality is this: some of it is positive and some of it may be negative. Some we just don’t know yet.
The following three areas of the housing market are critical to understand: interest rates, building materials, and the outlook for an economic slowdown.
1. Interest Rates
One of the most important things to consider when buying a home is the interest rate you will be charged to borrow the money. In our recent post we posed the question, “Are Low Interest Rates Here To Stay?” The latest information from Freddie Mac makes it appear they are. We are currently at a 21-month low in interest rates.
2. Building Materials
Talk of tariffs could also affect the housing market. According to a recent article, the National Association of Home Builders reports that as much as $10 billion in goods imported from China are used in homebuilding. Depending on the outcome of the tariff and trade discussions between several countries, there could be as much as a 25% boost in the cost of building materials.
3. Economic Slowdown
In a prior blog post on this topic, we began the year with many economic leaders thinking we could expect a recession in late 2019 or early 2020. As spring approached, we reported that economists had started to push that projection past 2020. Now, three leading surveys indicate that it may begin in the next eighteen months.
We are in a strong housing market. Wages are increasing, home prices are appreciating, and mortgage rates are the lowest they have been in 21 months. Whether you are thinking of buying or selling, it’s a great time to be in the market.
To view original article, visit Keeping Current Matters.
If you’re thinking of selling your home, buyer demand is high – and those looking in your neighborhood aren’t giving up anytime soon.
Homeownership is a form of ‘forced savings.’ Every time you pay your mortgage, you’re contributing to your net worth.
Don’t let these common myths get in the way of owning the home of your dreams. More often than not, your dream home is within your reach.
Spacious, one of a kind, waterfront home on Areskonk Creek in Center Moriches.
Before you renew your lease, find out if you can put your housing costs to work by buying a home this year. Call BrookHampton Realty today!
Some are afraid the real estate market may be looking a lot like it did prior to the housing crash in 2008.