It’s been quite a year for residential real estate! As we head into the final months of the year, it’s a great time to reflect on what has made 2014 such a great year to buy a home:
Mortgage rates are still low. The big story of 2014 is the nation’s (continued) low interest rates. Today’s low mortgage rates provide a once-in-a-generation home buying opportunity for many families. Earlier this year, the Federal Reserve started trimming its monthly bond purchases, which had been helping to keep long-term borrowing rates low. But that didn’t cause the expected increase in mortgage rates. In fact, rates are expected to remain low throughout the end of the year!
More homes are available. In 2012 and 2013, the inventory of homes for sale in many areas was so tight that buyers in some places had few choices of available properties. This year, home buyers in many markets have more choices.
The home buying experience is calmer. Multiple offers and biding wars plagued home buyers in many markets nationwide last year. Things have settled down a bit in many areas, making for a less-crazy home buying experience!