Have you looked at the Record Low Mortgage Rates? The mortgage rates have taken an unexpected turn and dropped to the lowest levels most people have ever seen. Mortgages are usually 15 years or 30 year and the 15 year mortgages usually have the lowest rate. Yes, it is a great time for home buying. Please be safe and wear and mask and use hand sanitizer as we work our way through Covid-19.
Fannie Mae and Freddie Mac have laid out new guidelines in 2021 for our real estate buyers who are purchasing a home. Conforming loan limits are rising from $510,400 to $548,250 for 2021 as home prices continue to rise due to the limited supply of housing caused by Covid-19.
Freddie Macs prediction for an average 30 year fixed- mortgage rate is expected to be 2.9 percent in 2021.
The new year is here and this is a great opportunity to own a South Florida home!
Covid-19 has left the real estate market in South Florida in short supply and real estate prices seem to be going up every day. Supply and demand have entered into the housing equation. When there is a short supply of housing, pricing increases. Real Estate will remain very active this year, (2021). Do not wait if you are ready to buy, and please do not wait to be pre-approved when you have finally discover the house you love, as competition is growing, and someone already approved for a mortgage may end up with the house you fell in love with because they were ready. Remember, no one can predict the surge in home pricing that keeps occurring.
Having a global pandemic, has definitely interacted with the real estate market. We are currently facing a home inventory shortage in 2021. The number of homes for sale has reached the lowest level on record. That has prompted home prices to increase faster than incomes. increase exponentially now that a COVID-19 vaccine is on the horizon. Homebuyers should prepare for what could possibly be the most competitive spring homebuying season in years. Here are a few suggestions that will put you ahead of other homebuyers.
Working from home has forever changed where people choose to live. Homeowners are re-evaluating their current house and determining what amenities they just can’t live without. We are watching where this outcome will take us.
Record low mortgage rates over the past few months have helped to offset high prices in real estate homes for sale. Experts are predicting that mortgage rates will remain low for the foreseeable future. New home construction keeps popping up and historically low mortgage rates are creating new opportunities for more buyers and sellers. Ask Susan J Penn PA about the new nearby real estate housing developments.
