Real Estate Recovery?

Buyers are finally catching on… the time to buy is now, and the market is becoming quite competitive in many local markets. House hunters should be ready to step up to the plate and put in sharp offers as inventory is expected to remain at the low levels they are right now.

Thanks to the Federal Reserve, interest rates are steady at near-record lows over the last several years, an effort to entice home buyers into the market, what I am reading from economists they don’t expect significant jumps in the rate this year. yet they anticipate by year end mortgage rates may be close to 4%, but, hey, still one of the lowest in 20 years.

Smart buyers get it; the real-estate recovery is now in full effect in many Westchester areas, what that should mean to you is should be buying or listing a home. Is this going to stay this way? I’m not sure, yes there will be definite growth but at a moderate pace. We have an improving economy and low interest rates, all which have boosted buyer demand in most markets, which in hand decreases supply and raising prices.

You FHA buyers, be aware the costs of securing these loans are rising, too. Once again, this spring the Federal Housing Administration increased its one-time upfront mortgage insurance premium for minimum down-payment loans (less than 5% down) to 1.75% of the loan, while raising its annual monthly premiums to 1.25%.

Are you considering buying up? Do it. NOW.

I’ll end this with I cannot read the future, but from what I see and experience daily, if you’re a buyer know what you can afford, you should move quickly or someone else will.