Best Time to Buy is Now (Data)


OUTLOOK SAYS BUY A HOME NOW

Over the last two years, homeowners accrued about $21,300 in home equity, $8,700 of which occurred over the past 12 months, according to the National Association of REALTORS(NAR). That’s incentive - enough to pay back their closing costs and put them almost halfway to eliminating private mortgage insurance they may have.

NAR Chief Economist Lawrence Yun says a combination of lower mortgage rates, more inventory, rising income and higher consumer confidence are driving sales. According to a recent NAR survey, more Americans believe it’s a good time to purchase a home. In addition, there are more available homes for sale and stabilizing home price trends. Data gleaned from electronic lockboxes report increased foot traffic at open houses.

Meanwhile, prices are rising, but that’s not discouraging homebuyers. In February 2019, the median existing (pre-owned) home price was $249,500, up nearly four percent year-over-year.

Mortgage affordability in 2019's first quarter favored homebuyers, because the Federal Reserve isn’t going to raise overnight borrowing rates to banks. Subsequently mortgage rate declined, making homeownership more affordable for homebuyers. Mortgage rates remain at historically low levels.

Whatever your reasons for wanting to buy a home, the outlook appears promising, especially if more sellers decide to put their homes on the market.

Don't wait. Act now.

Like us on Facebook • Follow us on Instagram • Follow us on Twitter

Search homes for sale in your area here.

Subscribe

Alex Johnson

Chattanooga, TN

What a great team. So helpful, professional, and friendly.​ 

I'll be recommending the Edrington Team to everyone I know!​

Please reload

1/6
Search By Tags
Like us on Facebook
Featured Post
  • Black Facebook Icon
  • Black Twitter Icon
  • Black Pinterest Icon
  • Black Instagram Icon
Follow Us

 

© 2020 BHH Affiliates, LLC.

An independently owned and operated franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of Columbia Insurance Company, a Berkshire Hathaway affiliate. 

Equal Housing Opportunity

 

100 Tremont St., Chattanooga, TN, 37405, (423) 498-5800,

423-401-9227 | info@edringtonteam.com | 100 Tremont St Chattanooga TN