A look at the residential real estate market [Video]
Posted on Tuesday, December 6, 2016 at 8:10:50 PM
Several indirect factors have had a profound impact on the American residential real estate market in the past couple of months, and it appears as though matters will be somewhat up in the air for a little while now. With the economy strengthening, interest rates are rising on mortgages, and this should be a consideration when weighing the sale of a home.
The National Association of Realtors recently released its latest data, which looked at the residential real estate market in October and found that values of homes increased 6 percent compared to the same period one year ago. The group also explained that existing home sales increased 2 percent that month compared to the one prior, and that homes only remained available for an average of 41 days, compared to 57 days in October 2015.
Suffice it to say that this might not last much longer, as increasing mortgage rates can translate to fewer individuals being able to purchase a home. However, those potential buyers who want to know what their options might be should consider contacting their local bank.