There is one word to describe the current housing market: optimistic. Despite months of hearing about a housing bubble and rising mortgage rates, the outlook for real estate is good.
The worries of a bursting real estate bubble actually seem to be low among homeowners. In a national survey conducted by ING Direct, most individuals experienced some growth in their home value in the past 12 months. The average increase was approximately 3%-6%, with owners in New England and Pacific states having the largest growth. The values of homes in south-central states remained about the same.
Most homeowners do not seem concerned about a downturn in the real estate housing market. Almost 74% of the individuals surveyed, who have owned their homes for more than three years, remained optimistic about the value of their homes.
The 30-year fixed-rate mortgage is at its highest point in four years. However, as it hovers at 6 percent, it is still a relatively low rate compared to the exceedingly high rates of the late 1980s when mortgage rates increased to over 10%.
According to Freddie Mac, there are indications of a strong economy, which is why mortgage rates have increased lately. Consumer confidence is on the rise and existing home sales is also on the upswing. This can be attributed to a positive labor market. As most people know, healthy employment leads to greater consumer spending.
Consumer perception is everything. With the continued view that real estate is a good investment, people will continue to buy and sell houses. This will bode well for home buyers, home sellers, real estate salespeople, mortgage lenders, and just about anyone related to the real estate industry.
The positive condition is also applied to the real estate industry in Orlando Florida. The optimism of the consumer as well as the seller in this area for the recovery of this industry keeps increasing over time. It is true that the fl real estate more or less is affected by the pandemic and the fluctuation of the mortgage industry. But, we can see a positive light coming out from the real estate industry in this area, as more and more property is included in the Florida listing.
This condition also helps customers to get Florida's new home much easier. With the real-estate agent are ready to help customers to get the happy and best result, plus much easier service through an online listing and searching, it also boosts the real-estate industry trend in Florida once again. The problem is still there, such as a high mortgage rate and of course, the pandemic. However, the way to get a normal Orlando home condition is real.
People still think a thousand times, when they want to live in Orlando, thanks to the situation before. But, it will change as the property still become the primary needs of us. The new way to run this industry and maybe a new system invented by Florida realtor will bring the solution.
