Home mortgage rates fell to “their lowest level in eight months, offering a potential boost to the housing market, reported the Wall Street Journal,* earlier this week. The decline in rates boosted mortgage applications 23.5%, reported CNBC, on Wednesday, January 9, 2019.
The significant increase in home mortgage applications, suggests a demand that had been stifled by the rate increases toward the end of 2018 and the prediction of more increases in 2019. Mortgage applications fell 10% at the end of December. It seems as if both the stock market and the housing market has been spooked by the Fed.
If you are in the market to buy, this is a window of opportunity – take it! There are good values here on the North Fork, and the housing market offers much more stability than the stock market nowadays. You can be in your new home before spring and enjoy your investment instead of worrying about it.
If you are thinking about selling in the near future, this is also a window of opportunity – call us! We’ll help you evaluate the equity in your home with an up-to-date comparative market analysis – your home versus other properties around you – and a detailed marketing plan to get you going. We’ll also help you get your home ready for a speedy launch.
Benjamin Franklin wisely advised us, “TIME IS MONEY.” Don’t procrastinate if you truly wish to buy or sell a property on the North Fork this year – call me at 631 235 8980 or Lee at 631 766 60666. Let’s get together and make it happen for you!
Sources: Falling Mortgage Rates Buoy Housing Market, THE WALL STREET JOURNAL, pages A1-A2, January 8, 2019.