One of the things to know about the current housing market, per real estate business owner Stephen Dowicz, is that mortgage rates are on the rise. This year, the rates in question are likely to climb. The 30-year fixed-rate mortgage stayed under 3.75 percent last year, but rose above 4 percent following the election. What this means is that, if you are looking to purchase a home, chances are that you will have a more difficult time doing so.
Mortgage credit will become more available, too. According to Stephen M. Dowicz, it has been more than 10 years since larger mortgages have been supported. What this means is that people will be more likely to obtain credit than they would have been able to in years past. For those that are in the market for new homes, you can rest easy knowing that there will be more credit available to you in the future.
Inventory is another important factor to consider when discussing housing. Recently, the inventory in question has become tighter, with reasonably-priced homes being given numerous offers. The more affordable a home is, the more competition there will likely be. If you would like to own a home, it might be a challenge to find one at a price you can feel comfortable with. The best advice that can be given is to act when an opportunity presents itself.
While inventory might be tight, as mentioned earlier, this does not necessarily mean that construction has slowed down. As a matter of fact, construction is more active than ever, especially when compared to the slowdown seen last year. What this does for home builders is encourage them to work harder. When pay increases and demand for their services grow, home builders should feel motivated to get more involved in this field.
This year will also be notable as when more millennials will enter the housing marketing. Despite what you may think, millennials stand a greater chance of making investments in the future. After all, they have been taught the importance of saving money during their time in college. What this means is that they are more likely to have money for down payments in the future. Young men and women will not have to worry about staying at home for long, provided they saved enough money beforehand.
Mortgage credit will become more available, too. According to Stephen M. Dowicz, it has been more than 10 years since larger mortgages have been supported. What this means is that people will be more likely to obtain credit than they would have been able to in years past. For those that are in the market for new homes, you can rest easy knowing that there will be more credit available to you in the future.
Inventory is another important factor to consider when discussing housing. Recently, the inventory in question has become tighter, with reasonably-priced homes being given numerous offers. The more affordable a home is, the more competition there will likely be. If you would like to own a home, it might be a challenge to find one at a price you can feel comfortable with. The best advice that can be given is to act when an opportunity presents itself.
While inventory might be tight, as mentioned earlier, this does not necessarily mean that construction has slowed down. As a matter of fact, construction is more active than ever, especially when compared to the slowdown seen last year. What this does for home builders is encourage them to work harder. When pay increases and demand for their services grow, home builders should feel motivated to get more involved in this field.
This year will also be notable as when more millennials will enter the housing marketing. Despite what you may think, millennials stand a greater chance of making investments in the future. After all, they have been taught the importance of saving money during their time in college. What this means is that they are more likely to have money for down payments in the future. Young men and women will not have to worry about staying at home for long, provided they saved enough money beforehand.
About the Author:
Philanthropist Stephen Dowicz is a reputable businessman in the real estate and spa industries. He has made many charitable contributions over the duration of his career and is a specialist in private equity endeavors.
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