Why the Housing Market Is on Track for Best Year Since 2006
Right now is, quite simply, a great time to sell or buy a home. 2015 is now on track to be the best year for the housing market since 2006, according to a recent article posted by realtor.com.
The article also stresses that this is not a repeat of the 2003-6 housing "bubble" and that the gains we are seeing are totally sustainable.
One of the key drivers is the growth in the jobs market, which naturally adds greatly to both buyer and seller confidence. Job openings in April rose to the highest level since December 2000 and there are also reports of employees showing a high willingness to voluntarily leave their jobs, feeling certain that they can find another one. That is definitely a big change in attitude and mood from recent years.
Looking more closely at home sales, prices are appreciating and homes are selling faster with demand continuing to grow quicker than the number of available homes. This is making the whole prospect of home buying more attractive, as buyers expect to see an almost immediate return on investment and many sellers can reflect on strong equity gains in recent months, empowering them to consider a move upscale.
Another major driver of all this good news has unquestionably been mortgage rates. Although stronger employment numbers have contributed to occasional small rises in recent weeks, seeing the average 30 year home loan occasionally advancing to around 4%, rates are still extremely affordable and, with international uncertainty centered around financial affairs in Greece, they are still quite capable of reversing to some extent, although better economic news at home is bound to keep them a little higher than we have seen in recent times.
There is simply much more confidence around right now than for some time. The arrival very late last year of low down payment home loans for qualifying buyers is also another key sustainable element of the current homes market improvements.
It all adds up to an incredibly positive outlook. Why not call us today and take the first steps to making the most of this superb opportunity.