Rates drop ahead of big house-hunting weekend
This story I think is a very important one that talks about the declining stock market and that buyers are looking at buying real estate because of the lower interest rates. The story comes from http://www.cnbc.com/ by Diana Olick.
The story talks about lower mortgage rates and the lower inventory of homes. Diana adds a good prospective on today’s market.
“The housing market is still in its usual winter doldrums, but a long
holiday weekend will mean more open houses. Martin Luther King Day is
Monday. With the number of listings nationwide still very low,
competition is high, and buyers need every extra dollar they can find.
The rate move lower not only helps in monthly payments, it also helps
borrowers qualify for more house. Rates had been expected to rise
through 2016, so this drop is unexpected.”
Redfin economist also talked about the sense of urgency buyers have today because of the inventory of homes.
“If you are in the market now looking, it does add a sense of urgency,”
said Nela Richardson, chief economist at Redfin, a real estate
brokerage. “There’s a difference between being pulled in — if you’re on
the fence, it may or may not help, but for those active buyers, it
absolutely affects them.”
Buyers will start getting into more home buying with these types of mortgage rates. This is a great time to get into real estate buying. Call Brett 216-703-5740 Howard Hanna and Jarrett Signature Homes
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