In recent years, the real estate trends have been moving up and down. We’ve seen higher trends where many people are buying homes, and other years when the sales have crashed because of the economy. If you are thinking about buying a home, then it is important to consider the pricing trends and the mortgage rates in order to determine if the timing is right for your purchase.
A home purchase is a big transaction, which is why you should be doing your homework before you make the decision. Buying a home at the peak prices might have a negative impact on your investment, if you try to sell quickly after the prices have dropped again.
Recent Home Buying Trends
Many mortgage lenders have recently seen the trend that fewer people think that it would be easy to get a mortgage. In a National Housing Survey from Fannie Mae, the results showed that January hit a record high of 52% of people thinking that it would be easy to get a mortgage. Then, in February, the results began to decline.
Another trend among the population is that many people are of the opinion that the economy is heading in the wrong direction. Economic perception can impact whether or not people are choosing to buy a home, which is why it is important for mortgage lenders to watch these trends.
Doug Duncan, who is the chief economist and SVP at Fannie Mae, suggested that the weather might play a role in how people view the housing market. He mentioned that people notice how the cold weather in an exceptionally cold winter impacts their household expenses. As people see the changes in their household spending, it has a direct impact on how they view the economy and their ability to buy a home.
Housing Recovery is on the Rise
Even though many people paid more for utilities because of the colder winter this past year, it is still believed that the housing market trends are on the rise. This recovery is important for many aspects of the economy because it helps people to be more comfortable with the idea of buying a home.
In addition to the main questions that examine whether the economy is on the right track and whether it would be easy to get a loan, you should also considers a few other questions. These questions look at things such as whether or not it is a good time to buy, and if people think that home prices will be increasing within the next year.
More people think that it is a good time to buy, and they are also anticipating that home prices will continue to rise. Because of these opinions, people might be more likely to purchase a home in the near future.
To really understand the changes in the housing industry, it is important to look at resources you can trust. Here at DaveKevelighan.com, you can find details regarding mortgage programs and housing industry news, to help keep you up to date as the information and trends change. To learn more or just have any questions, please feel free to call me at (303) 520-0004.
