(increasing mortgage rates) “…may have taken some of the steam out of the market.”
After hitting a 3.5 year record high, home sales took a dip of 1.2% in sales to an annual rate of 5.08 million home sales in June. According to Lawrence Yun, Chief Economist for the National Association of Realtors, increasing mortgage rates “may have taken some of the steam out of the market.”
Nonetheless, there is still a lot of demand in most US cities. The problem lies in the most expensive regions: Hawaii, California, and the New York City metro area:
“We’re still dealing with a large pent-up demand,” he said. “However, higher mortgage interest rates will bite into high-cost regions of California, Hawaii and the New York City metro area market,” says Yun.
Foreclosures and short sales have taken a back seat in the market, accounting for 15% of existing home sales. With these distressed sales clearing the market, home sellers can expect a greater return on their properties as the median home price has increased 13.5% since June, 2012 – a consecutive gain in median home prices for 16 months!
If you are thinking of selling, there is a lot of demand for what buyers consider “good” homes and the conditions (demand) is continually improving, aside from the interest rate increase. But seriously, were we thinking that they’d actually stay that insanely low forever? Seriously?
Source: Money.CNN.com
http://money.cnn.com/2013/07/22/real_estate/home-sales/index.html?section=money_realestate&
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John holds four degrees (law, hotel management, literature & computer science, and theater), two decades of technical education, and has 30 years of extensive work experience in the fields of real estate property valuation, mortgage finance, home sales, teaching, and military service.
John is the founder and Broker-Owner of Coleman Tanner Realty 🏡 in Florida.
As a writer, John has been self-publishing books since 2012. His latest nonfiction book, The Entrefluential Broker, is a DIY guide to launching your own real estate brokerage business.
John’s forthcoming book, STR Conversions, will inform real estate investors of how to quadruple their rental income via his new “hotel hacking” strategy.
He plans on taking his lessons to online and offline speaking stages to share his tactics with investors in the second half of 2022.
To discuss speaking engagements and workshops, interested parties can send inquiries to john@colemantanner.com.
In addition to writing, John has a love for filmmaking that began while studying theater at Miami-Dade College in 1994.
John plans on overseeing the shooting of an in-house “reality tv” show for his real estate practice, Coleman Tanner Realty.
🎬 John also aspires to executive produce independent films that will be a hybrid of the film noir + murder mystery genre and something new, futuristic, and aesthetically appealing to modern day film enthusiasts (think, anime in real life meets Sherlock Holmes). He also enjoys romantic comedies and Hallmark dramas; he wrote a romantic novella, Faithfully, available on Amazon (under the pen name of Jack Morgan) - so stay tuned for romance films as well.
When he’s not 🖥 online studying film production, AirBnB, real estate, online marketing, or watching movies and his favorite TV shows on Netflix or the tube 📺 for inspiration.
🎼 John also enjoys playing the guitar 🎸 and piano 🎹 in his free time.
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John W. Tanner, J.D., M.S. 