Fall 2016 Housing Trends

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Real Estate

Autumn is typically known as the time of year when housing activity starts to slow down.

"Generally, home sales tend to be very robust in spring and summer, then begin to soften somewhat during the autumn and winter months," says Lawrence Yun, chief economist and senior vice president of research for the National Association of Realtors, or NAR.

The slowdown begins in the fall because school is starting, and families with kids would rather not move during this time, he adds.

Mortgage rates likely won't change pace, however. They've been volatile in recent months, but the trend for mortgage rates is still upward, says Logan Mohtashami, senior loan officer for AMC Lending Group in Irvine, California.

"Unless we get more (weak) data from Europe and China, the 10-year (Treasury) note and mortgage rates have room to climb up higher than these levels," he says.

Nela Richardson, chief economist at real estate brokerage firm Redfin, agrees. She says the 30-year fixed rate has been under 4% on average for the past several weeks but may end up under 4.5% by year's end.

"I think that as the economy improves, rates will increase a bit and also whatever the (Federal Reserve) does this year in terms of raising short-term rates might have an effect on mortgage rates, as well," she says.

Inventory of Princeton, West Windsor, Plainsboro, South Brunswick and the surrounding areas is up- and a great time to buy as sellers are dropping their prices to sell before the end of the year.

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Read more: http://www.bankrate.com/finance/mortgages/housing-trends-1.aspx#ixzz4FXvVlbgc
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