2015: “Turning Point”
We began 2015 on “Fed watch” and remained on the edge of our seats all year. Well, on December 16, we had “liftoff,” when rates were raised rates by ¼%. There is no guarantee as to the size or frequency of successive rate increases. The time to lock in your mortgage rate is NOW.
Local Real Estate News
Solid, Substantial Growth: After an October characterized by Long Island Business News as one of the strongest for our local market in almost a decade, November brought equally overwhelming MLS stats:
- Sales volume in Suffolk increased by 10.7% over November 2014.
- Pending sales in Suffolk surged by 15.6% over November 2014.
- The median price of a home on Long Island increased over November 2014.
Intangibles: The Fed’s decision to raise rates for the first time in 9 years is a watershed moment that clearly signals its confidence in the economy. Both buyers and sellers should feel more secure about making a move. 2015 is leaving us well-poised for a very promising new year.
Our next report will summarize 2015 and provide insights and projections for 2016. Don’t miss it!
I’m always happy to share helpful real estate information, by publishing educational newsletters, speaking at real estate forums, and arming people with all the data they need to make confident, informed real estate decisions.
All Rights Reserved. Copyright © 2015 by Michael Ardolino