As we never tire of saying in this blog, right now is a great time to sell or buy a home.
To further strengthen that argument, consider that 2015 is currently on track to be the best year for the housing market since 2006, according to a recent article posted by realtor.com.
The article is also stresses that this is not a repeat of the 2003-6 housing "bubble" and that the gains we are seeing are totally sustainable.
One of the key drivers is the growth in the jobs market, which naturally adds greatly to both buyer and seller confidence, either in getting on the housing ladder or upgrading. Job openings in April rose to the highest level since December 2000 and there are also reports of employees showing a high willingness to voluntarily leave their jobs, feeling certain that they can find another one. That is definitely a big change in attitude and mood from recent years.
Last week's Retail Sales report also exceeded expectations with the highest reading for more than a year, building on strong results over the past three months that suggest the weak spending figures over the winter were due to weather and other issues.
Looking more closely at home sales, as we recently reported in our Albuquerque area review, prices are appreciating and homes are selling faster with demand continuing to grow quicker than the number of available homes. This is making the whole prospect of home buying more attractive, as buyers expect to see an almost immediate return on investment and many sellers can reflect on strong equity gains in recent months, empowering them to consider a move upscale.
Another major driver of all this good news has unquestionably been mortgage rates. Although stronger employment numbers have contributed to a quite steady rise in recent weeks, seeing the average 30 year home loan advancing above 4%, rates are still extremely affordable and, with international uncertainty centred around financial affairs in Greece, they are still quite capable of reversing to some extent, although better economic news at home is bound to keep them a little higher than we have seen in recent times.
Balancing the small rise in mortgage rates is the fact that there is simply much more confidence around right now than for some time. The arrival very late last year of low down payment home loans for qualifying buyers is also another key sustainable element of the current homes market improvements.
It all adds up to an incredibly positive outlook that we are seeing more evidence of every day at Everest Peak Realty. Why not call us today and take the first steps to making the most of this wonderful situation.