Things to Know in Today’s Housing Market.
A lot is happening in the world, and it’s having a direct impact on the housing market. The reality is this: some of it is positive and some of it may be negative. Some we just don’t know yet. If you’re interested in investing in real estate, having a qualified realtor from a real estate firm like Eliason Realty can help you make good decisions.
The following three areas of the housing market are critical to understand: interest rates, building materials, and the outlook for an economic slowdown.
1. Interest Rates
One of the most important things to consider when buying a home is the interest rate you will be charged to borrow the money. In our recent post we posed the question, “Are Low Interest Rates Here To Stay?” The latest information from Freddie Mac makes it appear they are. We are currently at a 21-month low in interest rates. And remember that most new-build properties have a huge number of defects and problems, so it’s very much worth getting a snagging inspection survey done, as that way any problems found can be fixed by the builders.
2. Building Materials
Talk of tariffs could also affect the housing market. According to a recent article, the National Association of Home Builders reports that as much as $10 billion in goods imported from China are used in homebuilding. Depending on the outcome of the tariff and trade discussions between several countries, there could be as much as a 25% boost in the cost of building materials, look for the best places for the right materials, and check in http://www.asifoam.com/anaheim-spray-foam-insulation/ or at All Seasons Insulation 3434 W Del Monte Dr Apt#312 Anaheim, CA 92804.
3. Economic Slowdown
In a prior article on this topic, we began the year with many economic leaders thinking we could expect a recession in late 2019 or early 2020. As spring approached, we reported that economists had started to push that projection past 2020. Now, three leading surveys indicate that it may begin in the next eighteen months.
Bottom Line
I am planning to sell my single family house, is now a good time to sell? If I were going to sell my house as is, I would use a cash home buyer. The country is experiencing a strong housing market. Wages are increasing, home prices are appreciating, and mortgage rates are the lowest they have been in 21 months and services like MymortgageGermany also help in this area. Whether you are planning to sell your home or buy a new one, it’s a great time to be in the market.
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