courtesy of CNBC
What slow down?
Home sales rebounded more strongly than expected in February, and the National Association of Realtors says they could have been even higher if there were more homes for sale. It appears that nationwide, home sales are increasing.
A critical shortage of listings is the No. 1 obstacle, especially in higher price ranges — not rising mortgage rates or new tax laws that reduce certain homeowner deductions. Sales at the lowest end of the market, however, homes priced under $100,000, were down 16.5 percent compared with a year ago.
Mortgage rates are not historically high today, but they are about half a percentage point higher since the start of this year and are clearly on an upward trajectory.
The number of homes for sale did increase slightly in February, which always happens as the busy spring market approaches, but supply is still down more than 8 percent from a year ago; supply is up on the high end and far lower on the low end of the market. Homebuilders continue to build higher-end homes as well, because rising costs for land, labor and materials have shrunk their margins for entry-level homes.
Shortage on the lower end is likely why first-time homebuyers pulled back in February. There had been a surge in this cohort last year, but clearly affordability and supply is weighing more heavily on them now.
Why Work with Mario Quintero?
Are you in the market to purchase or refinance? We have helped many repeat clients purchase similar properties and either keep them for themselves or use as an investment. Mario has been in the real estate mortgage business since 2002. Mario’s experience is tested and true. Mario has helped thousands of clients secure and improve competitive real estate mortgage interest rates .
Mario gets your deal done. Let Mario be both your trusted Miami realtor and Miami mortgage broker.
Get in Touch with Mario
I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami home consultant. Our office specializes in both residential and commercial real estate and financing programs. Let me help you secure a conventional, jumbo, FHA and foreign national mortgage loans. Furthermore, we can help your elderly parents secure a comfortable retirement with a reverse mortgage.
Call me today at 305-598-1600 or contact me here.