New City Real
Estate Market Balancing Act: Rates vs. Rises
845 544 4026
riggsmarcella@gmail.com
When the Wall Street Journal or Forbes
run mortgage rate stories as their lead items, those of us who keep an eye on
the New
City real estate market pay close attention. I
frequently share what they say here. But when even the non-financial outlets
like USA TODAY and the cable TV news channels give top billing to real
estate market news, it’s a real attention-grabber. New City Real
Estate Market Balancing Act: Rates vs. Rises
That’s what happened last week. USA TODAY’s online headline focused on the
15-year fixed mortgage rate, “at a record low 2.61%.” The cable news channels
talked about record low rates, too (although if you hit the ‘pause’ button long
enough to read the TV graphics, you saw that the national average for 30-year
loans was still a shade away from the actual record low).
Never
mind that; it’s still surprising that mortgage rates continue to linger at such
tempting lows. New City Real Estate Market Balancing Act: Rates vs.
Rises
The reason is hardly a secret: the Federal
Reserve is holding rates down to energize the real estate market — a key element
of the overall economy. Yet, with existing home sales notching up in the first
quarter at the briskest pace in four years, you would have thought that
mortgage rates would have been loosened up at least somewhat. And with new home
sales doing their best since 2008… New City Real Estate Market Balancing Act: Rates vs.
Rises
Of course, it doesn’t matter what anyone
expects: the results of dipping mortgage rates is just plain good news for
everyone in the New City real estate
market: buyers and sellers alike. Those low mortgage rates act to offset the
rising U.S. house price index. The result for buyers is a more valuable home
without the expected increase in the monthly payment. What more of an
inducement to enter the real estate market could there be? New City Real
Estate Market Balancing Act: Rates vs. Rises
In short, if you’re considering whether it’s time to buy
(or to sell your current home and trade up without busting the household
budget), last week’s national and local market signs are even clearer than they
have been recently. There are definitely opportunities out there! Why not give
me a call for an up-to-the-moment New City real estate market evaluation?
Marcella 845 544 4026 or email me at riggsmarcella@gmail.com or click here to take a peek
at the New City market.
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