Taking a look at some of the housing market trends, news, and numbers and wanted to share some things with you.
Taking a look at Mortgage News Daily (the news we get from our web app) and CNBC Mortgage news, we are seeing an interesting trend with newly built homes. Everyone expected newly built purchases to take off, but we are actually seeing the opposite. Builders are building, but buyer's aren't buying; more specifically millennial buyers. With construction focused on creating cheaper and affordable housing, numbers are still less than half of what they were from last year. They are still unable to afford the current housing market and struggling to obtain home ownership.
It seems that we are seeing prices at a point and interest rates increasing to cool off the market a bit. With rates where they are, now is still a good time to buy, just have to see if homes are available. Buyers are willing, but high prices can make it that much harder to qualify.
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