No matter what’s going on in the world, real estate and mortgage topics are always buzzing. As a prospective homebuyer or seller, it’s important to stay informed. An in-the-know buyer is more likely to get a better deal, while a savvy seller can find the best buyer at the right price.
Here’s what trending in housing news right now:
1) Rising Rents
All statistics show that across the country, rents are higher than ever, while studies show that it isn’t likely to stop. According to the NYU Furman Center, “Median Renter Burden” has increased almost every year in the past decade. What does this mean for those looking to become homeowners? Not only is now a good time, but the longer you wait, the more you’ll be paying in rent. So if you’re tired of throwing money away on rent, your best bet is to buy now, as there’s no stopping the high-speed high-rent train.
2) Airbnb Moves In
Airbnb has taken the travel world by storm; through it’s home-sharing and renting system, it’s easier than ever for travelers to find affordable accommodations. Now they’re taking the system to the next level, moving into the housing arena by teaming up with Realtor.com to allow house hunters to try before they buy. Potential buyers will be able to book short-term stays in properties that are on the market, giving them a glimpse into life in a house and a neighborhood. It may be just what you’re looking for—an opportunity to decide whether or not that home is a dream or a nightmare.
3) Higher Mortgage Rates
If you’ve been following mortgage rates in the past year, you know that they had hit record lows, well below 4%. Well, they recently crossed back over the 4% line, and the news is getting a lot of attention. What this means for buyers and mortgage-seekers is that if you’ve been hesitant, wondering if now is a good time to get a new mortgage or refinance, the short answer is go for it now, before they get even higher. 4% is still relatively low, and you don’t want to miss out on it, suddenly finding yourself forced to take a loan with even higher rates, or not refinance at all.
In summary, avoid high rents, higher rates, and the unknown factor by following the latest trends and responding accordingly.