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.
Another thing to know about today's housing market is inventory. More likely than not, the more reasonably priced a home is, the more offers it will be given by future homeowners. If you are new to this, chances are that you will struggle to find a deal. Inventory is tight these days, so staying aware of good deals is imperative. The hotter a particular market is, the more deals that you will see.
Inventory might have limits these days, but it should not be said that construction is nonexistent. After a bit of a slowdown last year, work has picked back up as of late, which has enticed home builders in a big way. Demand has increased and, as a result, builders can benefit from better wages. Needless to say, when construction is more prevalent, more properties will be built, which will eventually result in hotter markets.
What about the fact that more millennials are likely to enter the housing market this year? Not only have they completed college, but they can rest easy knowing that they have saved considerable money. They are taught to continually build their bank accounts so that, when the time comes, they can make wise investments. Needless to say, homes fall under this umbrella. With this information in mind, it would make sense for young men and women to invest in homes they are comfortable with.
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.
Another thing to know about today's housing market is inventory. More likely than not, the more reasonably priced a home is, the more offers it will be given by future homeowners. If you are new to this, chances are that you will struggle to find a deal. Inventory is tight these days, so staying aware of good deals is imperative. The hotter a particular market is, the more deals that you will see.
Inventory might have limits these days, but it should not be said that construction is nonexistent. After a bit of a slowdown last year, work has picked back up as of late, which has enticed home builders in a big way. Demand has increased and, as a result, builders can benefit from better wages. Needless to say, when construction is more prevalent, more properties will be built, which will eventually result in hotter markets.
What about the fact that more millennials are likely to enter the housing market this year? Not only have they completed college, but they can rest easy knowing that they have saved considerable money. They are taught to continually build their bank accounts so that, when the time comes, they can make wise investments. Needless to say, homes fall under this umbrella. With this information in mind, it would make sense for young men and women to invest in homes they are comfortable with.
About the Author:
Philanthropist Stephen Dowicz is a reputable businessman in the real estate and spa sectors. He has made many charitable contributions over the course of his career and is a specialist in private equity matters.. Also published at Details Regarding The Modern Housing Market By Stephen Dowicz.
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