The Fate of the Housing Market
In recent months, the housing market has shown a great increase in average home price, reaching nearly 12.1%. Separately, data from the National Association of Realtors showed that existing home sales were running at a seasonally adjusted annual rate of 5.39 million homes for July, a jump from 5.06 million homes in June. The reason for such a high number of sold homes is more than likely due to the rising interest rates, up from 3.5% in March to 4.58% for a 30-year mortgage. Despite this historic rise in mortgage rates in such a short period of time, there has not been a delay in the real estate recovery. Here are some reasons why this may be.
A healthy economy can mean a number of positive things for homeowners. If you are looking at potentially selling in the near future, but are afraid that you may be losing value on your home due to the need for an installation or remodeling of a current room or outside project, please contact us today for assistance.
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