Today's housing market is notable for many reasons, including mortgage rates. Did you know that, following the election, the thirty-year fixed-rate mortgage increased from under 3.75 percent to over 4 percent? This is a noteworthy change, as it can prevent potential homeowners from finding the houses of their dreams. Per real estate specialist Stephen Dowicz, it does not appear as though this will change anytime soon.
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.
There will be tighter inventory when it comes to the housing market, too. If you are a homeowner, chances are that you focused on property that was priced well. The downside that potential homeowners must recognize is that there will be competition among buyers that will try to offer the best prices. What this means is that potential homeowners should get a leg up on the competition so that a good deal does not pass them by.
Despite the aforementioned inventory, there seems to be a focus on construction. Companies are building more homes these days, which is noteworthy given that construction slowed down last year. What this means, for home builders, is that there is more demand to be seen. When credit is not as stringent as it was in the past, it should come as no surprise that there will be more interested buyers in the market.
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.
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.
There will be tighter inventory when it comes to the housing market, too. If you are a homeowner, chances are that you focused on property that was priced well. The downside that potential homeowners must recognize is that there will be competition among buyers that will try to offer the best prices. What this means is that potential homeowners should get a leg up on the competition so that a good deal does not pass them by.
Despite the aforementioned inventory, there seems to be a focus on construction. Companies are building more homes these days, which is noteworthy given that construction slowed down last year. What this means, for home builders, is that there is more demand to be seen. When credit is not as stringent as it was in the past, it should come as no surprise that there will be more interested buyers in the market.
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 successful businessman in the real estate and spa sectors. He has made many charitable contributions over the duration of his career and is a specialist in private equity endeavors.. This article, What To Know, From Stephen Dowicz, About Today's Housing Market has free reprint rights.
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