According to the National Associate of Realtors Magazine, we're seeing a decrease in mortgage rates across the board. Earlier this spring we were seeing the rates increase rapidly, but it appears there's room to see even more of a decrease in the soon to come months. This is good news for those looking to purchase a home but may only be temporary relief.
Thinking about buying or selling your home but you're not sure what the housing market is doing? Let's dive right into what's going on in the housing market for Summer 2018. More and more people are looking to buy homes as we see growth in the lower end of the market place. Couple things we are seeing; there aren't enough sellers to let those demands, mortgage rates are still on the rise, and higher end buyers have more inventory to choose from. All these things make it an interesting market for both the buyers and sellers.
Inventory has grown 3.3% yet that doesn't include start homes, according to Trulia. "Starter homes have dropped to their lowest levels since 2012. What's available is expensive."
For centuries, trailer parks have been looked upon as nothing more than an undesirable place to live. It's been labeled as where the poor, crime, drugs, and violence lurk, whether this is actually true or not. But as the housing affordability gap continues to broaden and the middle class continues to shrink, trailers are becoming increasingly popular. Investors have started to catch on to this trend and are welcoming the thought of re-branding the trailer park with open arms. Instead of "trailer parks"---"mobile home communities". Investors are snatching the old parks up and remodeling them into attractive communities again.
The larger idea is to purchase old run down trailer parks and build them up into
With nation wide housing shortages, and an increase in builders buying permits, it's safe to say that new construction has dipped in and is on the way to saving the day.
More and more people are wanting to own their own home, but it's becoming difficult to find the perfect home when there aren't tons of homes on the market like there used to be. The solution? New Construction. We've seen a 3.6% increase in secured permits from February to March, which is usually a good indication of how many homes we will be seeing built, according to the seasonally adjusted numbers in the latest residential sales report jointly released by the U.S. Census Bureau and U.S. Department of Housing and Urban Development