According to ATTOM Data Solutions’ 2018 Rental Affordability Report, “buying a median-priced home is more affordable than renting a three-bedroom property in 240 of 447 [or 54% of] U.
Mortgage Rate Continues To Fall
Freddie Mac announced long-term mortgage rates have dropped to 3.48% from 3.5% on Thursday. A year ago, the rate was 3.86% and is now edging closer to the all-time low of 3.31% from November 2012, according to a recent article from floridarealtors.org. (http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=3&id=343160) Although rates continue to fall, sales prices are rising due to a lack of inventory in most markets. According to the National Association of Realtors, last month saw a second straight month of decline in homes sales.
As we continue to see a shortage of supply of homes for sales, we may continue to see an increase in listing price. This may be artificially boosting sale prices and not accurately reflect actual values, but try telling that to a seller. As the job market continues to improve, we should see continued demand for housing but unrealistic prices may keep those same buyers renting their home instead of buying.
If you're interested in buying a home, contact me today to take advantage of these historically low interest rates. And if you're in the market to sell, now is the time so don't wait. Call me today at 407-579-1423!
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