There seems to be a buzz right now that the current housing market will be due for a correction.
The media is getting behind the housing market and putting out information that is all positive. The stock market is up, consumer confidence is on the rise but can the market maintain the momentum. That is the real question, where will be in 3 plus years? Will there be more jobs?
I believe that the most significant factor will be interest rates, they have been at all time lows over the past 2 years. But we all know rate will have to rise at some point and when they do increase what will be the fall out. In the past 2-3 weeks we have seen the end of 3% rates and now buyers are most likely to obtain a rate in the 4%, which is still really good. Buyers have been spoiled being able borrow money so cheap. I foresee the market staying healthy, however, some buyers may be priced out of homes they once wanted but on the other hand it will allow those who may have been losing out to finally win!
If you have been sitting on the sidelines waiting for the right time to buy or invest, now is the time. Despite what rates are doing, the market will continue to improve and we should be seeing more homes come on the market.
What are your thoughts? Do you have a different opinion?
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