MarketWatch
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| August 2013,
Is It Still a Good Time to Buy?
Coldwell Banker Residential Brokerage
From May through June of this year, interest rates suddenly jumped. The 30-year fixed mortgage rate increased more than 110 basis points from 3.35 percent during the first week of May through the end of June before leveling in July. This news struck fear into the hearts of some homebuyers, but is the fear necessary and will rates impact home sales? Industry insiders don't think so.
Though interest rates increased in a very short time period, they are still historically very low. It is true that a rise in rates may impact some prospective homebuyers from being able to afford a more expensive home. For many however, 4 percent for a 30-year fixed mortgage is still an incredible bargain when compared to previous years. Additionally, housing affordability still remains favorable in many parts of the country.
Some may blame mortgage rates for a slight dip in home sales from May to June as reported by the National Association of Realtors (NAR) , but sales are still up 15.2 percent in June when compared to June 2012.
Insiders attribute the dip to a lack of inventory. Total housing inventory rose only slightly by 1.9 percent at the end of June when compared to May, which represents a 5.2-month supply. A 6 month supply is considered a balanced market.
This is good news for potential home sellers. Pent-up demand is driving prices upwards. According to NAR, the national median price for all existing housing types shows seven straight months of double-digit year-over-year increases. The national median home price for all housing types was $214,200 in June, which is up 13.5 percent from last year. To see if this is happening in your area of interest, look to the graph or contact a Coldwell Banker Residential Brokerage sales professional who will run the numbers for you. You may find that you can finally put your home on the market.
Buyers take note. Even with price and interest rate increases, homes are still more affordable today than in the past.
If you need guidance and direction in the current market, and want to understand how mortgage rates, inventory and pricing impact your homeownership and sales goals, please call a Coldwell Banker Residential Brokerage sales professional today. We are here to lead you through the process.
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hillip King, Suffolk Realtor, Coldwell Banker Residential Brokerage, 5018 Express Dr. S Ronkonkoma, New York, http://www.philliprking.com, phillip.king@cbmoves.com, 516-241-6264, 631-588-9090, Real Estate Long Island, Long Island Real Estate, Homes For Sale Long Island, Long Island Homes, NY Real Estate License, Long Island Condos, Houses For Sale Long Island, Suffolk Real Estate, Long Island Home, Long Island House, Long Island NY Homes, Suffolk Houses For Sale, Condos For Sale Long Island, Suffolk County Condo, Long Island Houses, Houses For Sale, Brookhaven Township, Islip Township, Ronkonkoma, Village of, Holbrook, Lake Grove, Holtsville, Farmingville, Selden, Centereach, Sayville, Bohemia, Blue Point, Bayport, Oakdale, Patchogue, Medford, Bellport, Brookhaven, Mastic, Shirley, Manorville, Center Moriches, Moriches, East Moriches, Eastport, Miller Place, Mount Sinai, Shoreham, Wading River, Ridge, Rocky Point, Coram, Middle Island, Yaphank, Babylon, Bayshore, Smithtown, Nesconset, Hauppauge, Residential, Resale’s, New Construction, Builders, Investors, First-time Buyer, Vacation Homes, Short Sales, Listing Agent, Buyers Agent, How to Phillip King Lic. Real Estate Salesperson
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