Despite market demand being extremely sluggish, home construction spending picked up, mostly for rental units, with its best pace since second quarter of 2010. Does this mean these economic gains are short-term, or is the recovery finally back on track and building momentum?
The bottom line is mortgage rates continue the trend of record-breaking lows. For the last 6 weeks, the average rate for a 30-year fixed mortgage has been at or below 4%. In this environment, remarkably, nearly 30% of home sales have been ALL-CASH PURCHASES!
The benefit of currently low interest rates, an increase in consumer confidence in the real estate market, combined with lower property values; make it extremely attractive for home buyers. This is where opportunity and affordability converge. Contact me if you are interested in purchasing a home or investment property. Together we can discover where your affordability and opportunity factors come together.