When discussing the modern housing market, mortgage rates should be noted. According to Stephen Dowicz, a real estate business owner, these rates are likely to increase this year. What should also be noted is that this change came after the presidential election, as the thirty-year fixed-rate mortgage rose from below 3.75 to above 4 percent. For future home buyers, this can make shopping around for the best deal more difficult than expected.
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.
Did you know that, in 2017, more millennials are likely to enter the housing market than ever before? What many people do not realize about these young men and women is that they have saved considerable money during their time in college. One of the reasons for this is that they can eventually make wise investments, such as down payments on homes, in the future. This should ease the worry of living with one's parents for longer than desired.
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.
Did you know that, in 2017, more millennials are likely to enter the housing market than ever before? What many people do not realize about these young men and women is that they have saved considerable money during their time in college. One of the reasons for this is that they can eventually make wise investments, such as down payments on homes, in the future. This should ease the worry of living with one's parents for longer than desired.
About the Author:
Philanthropist Stephen Dowicz is a successful businessman in the real estate and spa sectors. He has made many charitable contributions over the course of his career and is an expert in private equity endeavors.
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