Long Beach Sellers - How Will Market Changes Impact You?
By Kristal Wilson, Cause We Like 'Em New ~ New Home Specialist!
Long Beach Sellers - How Will Market Changes Impact You? The volatile real estate market has once again witnessed several changes. Interest rates have risen, the number of buyers has decreased and the number of sellers has increased; all factors combining to result in a slow down of the frenzied pace of home sales. During the month of July interest rates increased impacting the buying power of many prospective home-buyers. The percentage of first time buyers dropped as it is more difficult to qualify with the stringent guidelines in place. The FHA loan, with its 3.5 percent down-payment, has been the loan most frequently utilized by buyers. Rising interest rates combined with the PMI (Private Mortgage Insurance) has forced many buyers to re-evaluate their financial strategy and opt to s...