Most real estate experts have all agreed that interest rates will increase in 2014. I have also written a recent article, Buying a Parkland Home? Consider COST Not Just Price, discussing this expected increase in interest rates and how it will affect the overall monthly housing costs for potential home buyers. I believe that mortgage interest rates will increase to 6% towards the end of 2014. In fact, the Fed announced last month that they would be pulling money back from the stimulus package that was originally in place to help boost the real estate market. Now that the market has improved, the Fed is beginning to decrease their influence.
Also, the guidelines for Federal Housing Administration (FHA) loans have tightened starting now. Last month, I wrote an article, FHA Mortgage Loan Limits To Fall Next Year Affects Parkland Buyers, discussing how FHA loan amounts for house purchased decreased from $423,750 to only $345,000 for all FHA loans. I hope that potential Parkland and South Florida buyers and sellers are paying close attention to these changes for 2014. Especially in Parkland and other luxury real estate areas, FHA mortgages will become extinct!
The good news is at today’s housing prices and income levels, mortgage interest would have to climb to 7% before the median home price in the U.S. would become unaffordable to potential home buyers. Potential buyers should definitely consider buying sooner than later in order to take advantage of current, and lower, monthly mortgage rates in order to save thousands of dollars. If you are thinking about making a move in 2014, please give me a call at: 954-609-0591. It is my job to pay close attention to these changes in the real estate market and help guide you through your buying or selling process and become your go-to expert.
I live and work in Parkland, Florida. I keep my fingers on the pulse of the Parkland and South Florida real estate market and develop a unique and customized marketing plan to sell each of my clients’ homes for top dollar in today’s market. I have also set RECORD homes sales in the past few years in Parkland, Florida. My best marketing is YOU! Please visit our Client Testimonial Page to read more about the experiences of working with our team. I wish everyone a healthy and happy 2014! Let’s let the real estate selling season begin!
I am a Parkland real estate specialist and Parkland resident. Over the past few years, I have earned the distinction of being one of the top real estate selling and buying agents in the City of Parkland and in West Broward County and a top 1% Nationwide Realtor. If you would like to schedule a buyer or seller meeting with me, please feel free to call me directly at 954-609-0591 or send me a note here.
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