Did you know that for the second consecutive month, sales of existing homes are on the rise?
According to the National Association of Realtors, sales of preowned family homes are up by nearly 1% month over month with more than 6.3 million units sold annually.
On an annual basis, sales of single-family homes, including houses and condos, rose by nearly 1.5%.
Overall sales were also higher than expected, a clear illustration on how well the real estate market continues to perform as new homebuyers wiggle in for a piece of the pie.
Despite low inventory, home sales are showing their resiliency. In addition, some current economic pressures, such as inflation, are motivating forces. People simply prefer a fixed cost in their living expenses.
While home sales are up, inventory is a different story. Supply of available homes dipped by nearly a full percentage point month over month. For perspective, home availability is down by nearly 12% since the same time period a year ago.
A changing workforce is leaving its mark on the real estate market too. Now more than ever, people feel comfortable with expanding their boundaries and are willing to move far away if it means a chance at homeownership.
Whatever your goals, we have a program for you.
Through a variety of mortgage programs, we are confident we can find a product that fits your unique financial situation for this moment in your life.
For those who want certainty, the fixed-rate mortgage is a traditional loan in which the monthly principal and interest owed never change. Fixed-rate mortgages can be paid off in terms between 10 and 30 years.
For newcomers, the FHA loan program comes with consumer flexibility built-in. Backed by the federal government, FHA loans requirements are not as stringent as others, opening a wider door for more aspiring homeowners.
For veterans, the VA loan is an excellent program that is specifically designed to assist those who’ve served in the military. And with no down payment requirement, it is one of the most accessible mortgage programs around.
So if you’re thinking about buying a home and need a reliable partner to assist, you can count on us. We’re focused on finding you the right loan program, for your situation and for this moment.
Premier Mortgage Resources, LLC is not affiliated with or an agency of the federal government.