Real Estate Trends

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Real Estate

Real Estate Trends

Home prices have risen nationally three times faster than incomes since the turn of the century making homeownership more of a challenge than years past. 

In many large cities, home prices have outpaced income. In Miami, for example, incomes have risen 16 percent, while home prices have increased 58 percent since early 1998. New York's Long Island suburbs have seen just a 14 percent rise in incomes as compared to an 81 percent increase in home prices. Boston home prices have gone up 89 percent, while incomes have increased only 22 percent.

Even with a downturn in the real estate market looming on the horizon, home sales are still headed for another record year.

Record Low interest rates are  expected to keep a positive trend in  the housing market. Low rates average now less than 3 percent for 30-year fixed-rate loans.

Real-estate analysts believe that if the housing market stalls, some areas will continue to grow modestly while other markets gradually go soft, rather than pop.

Partnering with the right professionals in the beginning is key to your success in Real Estate. A trusted Realtor who will act as your "quarterback" is an excellent place to begin. This trusted partner can advise on proven mortgage experts to help in preapproving for your financing while simultaneously preparing for showing day!