The Unique Opportunity of Today’s Market
By Michael Ardolino, Broker-Owner, Realty Connect USA
Special Mid-Year Report 2015
Here is a sampling of the latest news from MLS as well as other key factors:
- The number of homes contracted for sale in Suffolk (also termed pending sales) increased by roughly 12% in May over May
- Unemployment on LI fell to 4.4% in May. Positive job stats are always positive for housing.
- Low-down payment loans and the increased availability of mortgage funds are fostering sales.
- It has been expected that the Federal Reserve would begin to raise rates this year. After the Fed’s June 16-17 meeting, the Fed Chair indicated that this is still the case, with gradual increases likely. The Fed watch continues. For now, the window of opportunity remains open.
- The 30-year rate recently surpassed 4% for the first time since November. The all-time high of 18.63% was reached in October 1981. The all-time low of 3.31% occurred in November 2012. Rates are expected to reach 4.5% by the end of this year. Don’t miss out.
The next few months offer great opportunity for sellers and buyers alike. Millennials with young children are looking for homes before school starts. Baby Boomers who have owned their homes for years are ready to downsize. In the middle is Gen X. These individuals are just beginning to turn 50, and many are ready to invest in vacation homes that will later become retirement homes. The news, the stats, and the demographics are clear. This is a very opportune time to act.