Friday, July 5, 2013
Real Estate July Pulse: Monitoring Mortgage Rate Activity
In today’s real estate market, we are seeing more and more home buyers come forward in part from the low mortgage rates and increasing job stability. The demand for home ownership continues to increase. An increase in home prices is expected to continue throughout this year while our property inventory continues to be at an extremely low level.
Prices of homes in the U.S. rose by more than 12% since May 2012, which is the highest increase that the real estate market has seen in over seven years. For most, this appears that the market is continuing to gain strength.
It is prudent to understand what impact home prices and interest rates have in the long run and how they may affect the rapid recovery of our real estate market in our Tampa Bay area.
Potential effects of recent mortgage rate changes may include a slight reduction in borrowing power of buyers. However, it is possible that the rising rates could spark a new flurry of real estate activity for those who need to take advantage of today’s attractive mortgage rates.
Staying current on the recent activity of the market in your area is a great way to assure your home buying and selling goals are being met. Here at SI Real Estate, we are always happy to assist you in meeting every real estate need.
SI Real Estate offers highly personalized, multilingual, full-spectrum real estate purchase and sales services. We are a boutique for sophisticated investors, select owners or renters who may be upgrading locally, or those making traditional relocations. We also provide turnkey landlord and tenant management. Blending comprehensive insight into the Tampa Bay area with international perspectives for a worldwide clientele, we like to think that “SI Real Estate is Global Real Estate in Every Way!”