Trends in residential financing, purchases [Video]
Posted on Tuesday, June 7, 2016 at 4:57:24 PM
The residential real estate market has effectively come back from the brink in the years since the recession, and this is positively impacting a range of economic factors across the nation. Homeowners and those who are looking for residential financing to acquire a new house can rest assured that right now is a great time to sell or purchase an abode in many regions throughout the United States.
Citing data released by Zillow, Seeking Alpha recently reported that the average selling price reached $187,000 in May, or a 4.9 percent increase compared to the same month a year ago. At the same time, fewer houses are available, as the source stated that the total number of homes up for sale dropped 3.4 percent, meaning that the ebb and flow of listings and closings is moving along nicely.
Right now is a great time to apply for residential financing packages given the healthier economy and more preferable rates and terms being offered by lenders. Homeowners should consider first looking into a local, community bank for their residential real estate loan needs.