In the world of real estate, there are buyers’ markets and sellers’ markets. For the past few years, buyers have had the upper hand, with historically low interest rates, discounted home prices, and plenty of federal housing assistance programs. Now, however, we may be experiencing a shift in the U.S. housing market and buyers who’ve been holding out for lower rates may want to act now.
According to Federal Reserve Bank of Dallas President Richard Fisher, the housing market has “bottomed out.” Fisher says he believes the low mortgage rates we’ve been seeing have allowed the market to recover and we’re seeing signs of this recovery now.
According to a recent article from Bloomberg, there were more purchase contracts than expected in May, indicating the real estate industry is finally gaining some momentum. The article also stated that pending sales of previously-owned homes “climbed 5.9 percent to 101.1.”
So, if you’re thinking of purchasing a home or refinancing an existing mortgage, don’t wait much longer if you plan to take advantage of low rates. Some experts anticipate mortgage rates to inch upward in the near future, along with home prices. Contact The Decker Group today to hear about our current mortgage rates and home financing products: (972) 591-3097