Home sales across the United States are picking up again despite the sudden loss of some 22 million jobs due to the coronavirus pandemic. How does that make sense? Record-low mortgage rates and a lack of homes for sale are two key reasons that help explain the dramatic rebound. However, those factors do not tell the whole story.
Mortgage interest rates fell below 3% for the first time ever. The average 30-year fixed-rate mortgage fell to a record low of 2.98% this past week, according to Freddie Mac. That is the lowest level in the nearly 50 years of the mortgage giant’s survey.
A comparative market analysis (or “CMA”) is a report prepared by a real estate agent to help a client determine the value of a home. The report analyzes recently sold properties that are similar to the home in question.
Whether you are looking to buy, sell or invest in real estate, it is important to understand market conditions. Real estate is hyper-local, with market dynamics changing from subdivision to subdivision. However, county trends generally give you a good idea of what to expect.
Whether you are looking to buy, sell or invest in real estate, it is important to understand market conditions. Real estate is hyper-local, with market dynamics changing from subdivision to subdivision. However, county trends generally give you a good idea of what to expect.
