By Michael Ardolino, Owner-Broker, Realty Connect USA
Here’s some noteworthy news from the real estate front:
- As we have been expecting, mortgage rates have been on the upswing. Freddie Mac reported increases for three consecutive weeks in February. The 30-year rate should easily surpass 5% this year. The message for both move-up sellers and first-time buyers is: Get the most house of your money by buying sooner rather than later.
- A new report from Trulia studying the rent vs. buy equation found that in the New York Metro area, which includes Long Island, buying is currently 22% less expensive than renting. This should certainly be encouraging to prospective sellers! The already active pool of buyers will grow larger with this news.
- The stats in our immediate area are impressive. According to MLS Stratus, there were 330 homes on the market in January 2013 and 253 homes on the market in January 2014. This represents a 23.3% decrease in inventory (see Exhibit 1). Motivated buyers are competing for a smaller pool of homes.
Sellers, this is an optimal time to list your home. The market is solid, active-even robust. If I may be of service, please contact me:
Michael, 631-641-6262 or Michael@Ardolino.com
I’m always happy to share helpful real estate information, by publishing educational newsletter, speaking at real estate forums, and arming people with all the data they need to make confident, informed real estate decisions. For further details, visit my website at www.LongIslandHomeConnection.com.