Trends to Be Thankful for….
By Michael Ardolino, Broker-Owner, Realty Connect USA
We’re on the Home Stretch
- Stunning news from MLS: In September, the number of pending sales in Suffolk increased by 12.8% over September 2014.
Pent-up demand is a powerful force.
- October 28: The Fed announced that it is not yet ready to raise rates. Buyers, lock in a low rate and 30 years of low payments. Exhibit 1 shows what the cost of waiting until 2016 might be.
- Our first-time buyer’s market is very strong. Many homeowners are learning that as millennials start out, sellers move up: a win-win leading to further recovery. This is a national trend as well; see Exhibit 2.
- Also trending: The increased willingness of banks to write loans, with low down payments and lower FICO score requirements. New mortgage disclosure rules mandating simplified applications are in effect. Overall, it has become easier to secure a mortgage. See Exhibit 3.
Buyers, there is still time to reap the rewards of our solid, upwardly trending 2015 market. Sellers, it is not too late to list. This time of year brings out highly motivated house-hunters. Our next report will help you prep for the promising year of 2016.
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.
Please feel free to contact me @ 631-941-4300 or Michael@Ardolino.com
All Rights Reserved. Copyright © 2015 by Michael Ardolino