The Real Estate Market in Jan 2013
The Real Estate Market in Jan 2013
Abbe Edelman and property appraisers across the nation understand how important it is to stay up with the current trends and changes in the real estate market. A NY property appraiser must assign a value to a piece of property that is considered to be fair for the present based on the most current state of the real estate market. This is an approximate value of what the property would sell for if it were put on the market. Homeowners are sometimes surprised that the value of their homes fluctuates with the market. When they obtain a property appraisal while preparing to sell the home, they may find that the value is not the same as it was when they first made their purchase. Sometimes this is good, but sometimes it can be bad depending on the temperament of the real estate market. Here is a look at the current real estate market in January 2013.
Holding Steady
Up until the first half of January, mortgage rates had been climbing steadily. During the first half of January they had dropped off a little, but can still be considered stable. Interest rates have seen a small increase of about ¼% but they have leveled out as well. The home purchases and refinancing that had dropped off over the have begun to be more frequent in the first couple of weeks of 2013. Applications for refinancing and purchases are up some; refinancing is up about 12% while applications for initial purchases are up about 10%. The Dow has been up throughout January so far and it has leveled off. While everyone is proceeding cautiously, there is not a great fear that the housing market will begin to decline. For now, it continues to move minimally so it is holding steady for the present month.
Increased Interest Rates
Freddie Mac announced about the middle of the month that most interest rates are up. 30 year fixed rates increased from 3.34% to 3.40%. This is lower than the 3.89% from last year but fixed rates are still increasing. Interest rates for 15 year loans were up slightly to 2.66%. Adjustable rates are up and down. The rates for 5 year adjustable rates were down at 2.67% but 1 year adjustable rates were up at 2.60%.
Major Factors
One of the big influencing factors on the state of the housing market is the unemployment rate. One reason for this is that individuals do not typically pursue purchasing a home when they are unsure of their job status. In November and December of 2012, there was a display of job growth which helped improve the unemployment rate. It hit the lowest mark since December 2008 at 7.8%. In 2012 there were almost 2 million new jobs created which is helping our present real estate market.
Steady Builder Confidence
Every month the National Association of Home Builders conducts a survey of home builders across the US. They have held this practice for 25 years. According to the NAHB report in January 2013 builder confidence is still firm. Most builders demonstrate confidence in the present real estate market and fell that the outlook is much better than it was at this time last year. Although the recovery is slow, the market is showing signs of continued growth. Some builders express concern that the national fiscal cliff could hinder the recovery is there are funding cuts. But when the various components of the survey are tabulated and calculated they indicate that home builders feel the current conditions will remain stable. However, most feel that there may be some decline coming during the next half of the year.
Holding Steady
Up until the first half of January, mortgage rates had been climbing steadily. During the first half of January they had dropped off a little, but can still be considered stable. Interest rates have seen a small increase of about ¼% but they have leveled out as well. The home purchases and refinancing that had dropped off over the have begun to be more frequent in the first couple of weeks of 2013. Applications for refinancing and purchases are up some; refinancing is up about 12% while applications for initial purchases are up about 10%. The Dow has been up throughout January so far and it has leveled off. While everyone is proceeding cautiously, there is not a great fear that the housing market will begin to decline. For now, it continues to move minimally so it is holding steady for the present month.
Increased Interest Rates
Freddie Mac announced about the middle of the month that most interest rates are up. 30 year fixed rates increased from 3.34% to 3.40%. This is lower than the 3.89% from last year but fixed rates are still increasing. Interest rates for 15 year loans were up slightly to 2.66%. Adjustable rates are up and down. The rates for 5 year adjustable rates were down at 2.67% but 1 year adjustable rates were up at 2.60%.
Major Factors
One of the big influencing factors on the state of the housing market is the unemployment rate. One reason for this is that individuals do not typically pursue purchasing a home when they are unsure of their job status. In November and December of 2012, there was a display of job growth which helped improve the unemployment rate. It hit the lowest mark since December 2008 at 7.8%. In 2012 there were almost 2 million new jobs created which is helping our present real estate market.
Steady Builder Confidence
Every month the National Association of Home Builders conducts a survey of home builders across the US. They have held this practice for 25 years. According to the NAHB report in January 2013 builder confidence is still firm. Most builders demonstrate confidence in the present real estate market and fell that the outlook is much better than it was at this time last year. Although the recovery is slow, the market is showing signs of continued growth. Some builders express concern that the national fiscal cliff could hinder the recovery is there are funding cuts. But when the various components of the survey are tabulated and calculated they indicate that home builders feel the current conditions will remain stable. However, most feel that there may be some decline coming during the next half of the year.