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.
Another element of the housing market to consider is the uprising of mortgage credit. To be more specific, credit will be more available due to looser standards. In fact, mortgage companies will start to back larger amounts, which has not occurred in more than a decade. This should be seen as a comfort to future homeowners, as names such as Stephen M. Dowicz will attest. Larger credit should be regarded as a comfort.
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.
While inventory might be tight, as mentioned earlier, this does not necessarily mean that construction has slowed down. As a matter of fact, construction is more active than ever, especially when compared to the slowdown seen last year. What this does for home builders is encourage them to work harder. When pay increases and demand for their services grow, home builders should feel motivated to get more involved in this field.
This year will also be notable as when more millennials will enter the housing marketing. Despite what you may think, millennials stand a greater chance of making investments in the future. After all, they have been taught the importance of saving money during their time in college. What this means is that they are more likely to have money for down payments in the future. Young men and women will not have to worry about staying at home for long, provided they saved enough money beforehand.
Another element of the housing market to consider is the uprising of mortgage credit. To be more specific, credit will be more available due to looser standards. In fact, mortgage companies will start to back larger amounts, which has not occurred in more than a decade. This should be seen as a comfort to future homeowners, as names such as Stephen M. Dowicz will attest. Larger credit should be regarded as a comfort.
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.
While inventory might be tight, as mentioned earlier, this does not necessarily mean that construction has slowed down. As a matter of fact, construction is more active than ever, especially when compared to the slowdown seen last year. What this does for home builders is encourage them to work harder. When pay increases and demand for their services grow, home builders should feel motivated to get more involved in this field.
This year will also be notable as when more millennials will enter the housing marketing. Despite what you may think, millennials stand a greater chance of making investments in the future. After all, they have been taught the importance of saving money during their time in college. What this means is that they are more likely to have money for down payments in the future. Young men and women will not have to worry about staying at home for long, provided they saved enough money beforehand.
About the Author:
Philanthropist Stephen Dowicz is a successful businessman in the real estate and spa sectors. He has made many charitable contributions over the duration of his career and is an expert in private equity matters.