The spring selling season is in full swing, here’s a breakdown of What’s Trending In Real Estate.
1) Home prices are surging:
Price growth is only increasing, due to a lack of inventory in some markets.
2) Mortgage rates hold steady:
30-year fixed rate mortgages remain at 3.7 percent, but that is likely to change.
3) Sellers are needed:
It continues to be a seller’s market, as total housing inventory at the end of February increased just 1.6%
4) Buyers want move in ready properties:
Despite the low housing inventory, buyers are picky about the condition of properties for sale.
5) Foreclosures keep slipping:
After peaking in 2006, foreclosures are returning to significantly low levels across the country.
6) Investor slowdown:
Competition between regular buyers and investors is decreasing.
7) Buying is cheaper than renting:
A recent study from NAR found that rents are on the rise in many parts of the country.
8) A focus on first time buyers:
New programs from Fannie Mae and Freddie Mac seek to make it easier for first-time borrowers to buy a home.
9) Going green:
Millennial clients are providing the push for home builders to downsize.
references: fiscal times, realtor magazine
Donald Horne, Team Success listing
Associate Broker for Coldwell Banker Shooltz Realty
“best of the best in 2014”
Oxford Office 248-969-8065
Lapeer Office 810-338-0628