The Market at the Moment
By Michael Ardolino, Broker-Owner, Realty Connect USA
Early Summer, 2014
Now that we are half-way through this eventful year, here’s where we stand:
- Mortgage rates were expected to increase significantly this year, due to the Federal Reserve’s widely publicized monetary policy. Instead, the Fed changed its tack, and rate increases have been much small than expected.
- Federal Reserve Chairwoman Janet Yellen recently stated that she expects low borrowing rates to be needed for “a considerable time,” even though the job market and the economy have improved. Judging from this and other Fed statements, rates should remain low for the rest of 2014, and possibly longer. This is good news for buyers.
- As the Wall Street Journal recently noted, “the housing market has bounced back…buyers are adjusting to modestly higher interest rates compared with the spring of 2013”. This is evidenced by the latest pending sales report, showing that sales hit an eight-month high in May.
- Millennials (age 18-34) are more of a market force than ever. As the economy continues to improve and more young people enter the market, more move-up buyers will be able to sell, fueling a healthy cycle. A recent headline at CNNMoney.com says it all: “Millennial-driven housing boom coming”.
Locally, our market is stable. Inventory is inching up, and homes are selling, at fair prices. If you are a motivated seller, my best advice is to price your home competitively to attract a serious buyer. An active summer is expected. If you need help planning your strategy to sell or buy, feel free to contact me at
631-941-6262 or Michael@Ardolino.com.
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. For further details, visit my website at www.Ardolino.com.