2013 Real Estate Year In Review
Posted by Carlos Martinez on
Take a look back at 2013’s dynamic year in real estate. Low mortgage rates, all-cash buyers and bidding wars played a part in the housing market's recovery. In 2013 we saw the housing market recover a lot faster than we anticipated. It was a great year for seller and homeowners who saw their home values appreciate.
Housing Prices Rose Fast
The local average sale price was $191,683 in November 2012 and rose to $198,249 by November 2013 according to gaar.com.
Mortgage Rates
Mortgage rates remained low with a slight increase. Fixed-rate loans were as low as 3.45 percent in December 2012 and rose to 4.49 in September 2013 according to Freddie Mac. Mortgage rates are likely to stay low and perhaps even drop between now and March 2014.
Housing Inventory
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Coming up with a down-payment for a home purchase can be a major roadblock for some. This is often the reason for renting, rather than owning, a home. A "down-payment" is the difference between the home's purchase price and its mortgage amount. The down-payment must be paid up-front and can vary by lender, location, and loan program. A higher down-payment generally translates into lower loan interest rate. Down-payments typically come from personal cash savings, but it can also be a borrowed amount secured by assets. Our mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the…