The home sales market is strong contrary to popular belief. According to the National Association of Realtors, and the real estate trade groups, thirty two percent of home sales were made by first time home buyers. Additionally thirty three percent of home sales were made with cash or no mortgage, and thirty percent of home sales were on foreclosed homes or short sale homes. If this wasn’t intriguing enough, it is reported that over four and a half million homes were sold in February on an annualized seasonally adjusted basis. This report signifies a nine percent rise compared to the prior year.
With only a little under two and a half million homes for sale in the nation, which in itself is a nineteen percent drop from last year, put our home market on pace to virtually sell all remaining homes by six and half months. This is seen by specialist as a housing market that has reached equilibrium and is now more balanced then we can recently remember. With the abundance of tools mortgage lenders can produce to help get a buyer a loan the housing market is on a positive steady course.
It should be noted that almost a third of all home sales failed in February due to a combination of home appraisals not meeting the purchase price, overwhelming home inspection issues, or the inability of buyers to secure adequate mortgage financing. Coral Springs mortgage loan companies like Ace Mortgage have countered these results in South Florida and are providing their clients some of the best options to get them the home they are seeking with a loan that suits their needs. Calculating in the heavy failure rate, existing home sales were still reported to be the second highest results since May, two years ago. This should be seen a signal to buy rather then hold out.
Select your lender and mortgage broker carefully as these decisions will have long lasting affects down the line. Contact their past clients, ask for referrals and examine online reviews about the broker your leaning towards choosing so that you can give yourself the best chance of having a positive home buying experience. Coral Springs Mortgage brokers and lenders are some of the industry’s best and with their help buyers are successfully reaching their goals more and more every month.
One of the best characteristics of the home market right now, is that homes are still very affordable. With FHA mortgage rates in the bottom end of four percent like those offered by Ace Mortgage Loan Corp., homes are the more affordable then they have been in history. With spring will come a rise in home prices; however the home owner can rest assured knowing that their mortgage will not likely rise with it. Shop smart and confident for your next home and become a success story for all behind you to follow.