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This article comes from https://finance.yahoo.com/ and it talks about the consumer confidence going up for real estate.
"
"This month's increase in the HPSI was the largest in over two years,
primarily driven by consumers' more optimistic mortgage rate
expectations," said Doug Duncan, Fannie
Mae Senior Vice President and Chief Economist. "An increased number of
respondents indicated they think mortgage rates will go down over the
next year, a belief that could be due to a combination of factors,
including an awareness of decelerating inflation, market suggestions
that monetary conditions will ease in the not-too-d"
The
real estate market has a big play in the economy and this is good news.
When you see a low in homes being sold is because there is limited
inventory. May 1st Cleveland Metro had just a bit over 3100 homes on the
market. An average market is about 6500 homes. What happens when there
is not enough of anything? Prices go up.
The
issue going forward will be getting more homes on the market. People
that have a 2% or 3% will continue to keep their homes. I personally
have a 3% and love the rate and payment. That is why I did not pay cash.
I could borrow the money at that great rate.
"
Duncan continued: "However, the bump in optimism may prove to be
temporary, as consumers continue to report uncertainty about the
direction of home prices – and we know that high home prices remain the
primary reason given by consumers who think it's a bad time to buy a
home. Until affordability improves for a larger swath of the home buying
public, we believe home sales will remain subdued compared to previous
years."
The
direction on anything that is limited is almost always up. The trend in
the Cleveland metro area is prices are up and so are leases. The future
looks great for property owners.
The
affordability is not an issue in the Cleveland Metro area being that
our homes are some of the most reasonable prices in the United States.
Cleveland Ohio is a very nice place to live and park money on real estate. I know because I do it myself.
Need Real Estate in Cleveland Metro?
Call me (Brett) 216-703-5740 Fathom Realty or Whatsapp me
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0 Comments
Thank you