Currently, a prospective buyer who takes out a 30-year mortgage loan can expect to pay approximately $50 more per month (based on purchasing a $170,000 home with a 20 percent down payment) compared to October, when rates stood at 4.2 percent.
Despite the jump in rates, relatively low home prices indicate that affordability will continue to remain high for some time.
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This boom in sales will help to bolster a housing market that has received plenty of bad press recently for its troubles. David Crowe, chief economist for the National Association of Homebuilders, said new home sales will rise approximately 20 percent to 385,000 this year.
Despite the predicted increase, some experts believe the contracts written for new home sales will be “good” but not “great” – at least initially. As the weather transitions to spring, it is expected that the sales pace for new homes will begin its upward climb.
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According to a recent REALTOR® Magazine report, the average rate for a 30-year fixed mortgage increased from 4.46 percent to 4.61 percent last week.
Many industry experts believe that homebuyers will begin purchasing more rapidly as interest rates increase in order to avoid higher payments in the future.
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When your home is on the market, you want to do everything you can to increase its attraction to buyers. To that end, there are a number of different approaches you can take to add to your home’s appeal.
A recent Realty Times article, written by Phoebe Chongchua, outlines five particular steps a buyer can take to increase their home’s appeal. These steps are outlined below. For a complete explanation of all of the tips, please click the “Full Article” link located at the end of the post.
- Change with the seasons.
- Make it cozy.
- Crank up the thermostat.
- Shine the natural light.
- Play soft, ambient music.
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