Jupiter, FL (PRWEB) January 05, 2013
Fannie Mae’s recent report about the housing market leading the way to America’s economic recovery has boosted consumer confidence in homebuying and homeselling.
The mortgage lender’s Economic & Strategic Research Group issued an uplifting economic outlook in which an analyst was quoted as saying real estate will serve as “a tailwind to growth” in 2013. The economist further said the market has turned the proverbial corner and will be a bright spot in the coming year even though lending remains tight.
In Waterfront Properties and Club Communities’ territory – northern Palm Beach and southern Martin counties – home prices have improved respectably and the increase in value is sparking transactions. Intracoastal Waterway real estate for sale is an active market, and BallenIsles, a development in Palm Beach Gardens famous for its first-rate tennis facilities, also is experiencing a lot of deals.
Here’s what the Fannie Mae report projects, by the numbers: Prices of new and existing single-family homes will average a 1.7-percent increase this year. Further, sales of new homes are expected to jump 21.9 percent, sales of existing homes are on target to rise 6.4 percent, and housing starts are predicted to steal the show with a 22.4-percent spike.
Looking back on 2012, home prices finished out the year on a high note, the first time that’s happened since 2006, Fannie Mae reported.
Mortgage rates hit historic lows last year and ended up being a key factor in the market-recovery process. Fannie Mae has more good news about rates, as the agency expects them to drop down, again, to 3.4 percent in 2013. In 2012, rates averaged 3.7 percent. Such numbers boost the demand for housing because excited borrowers see their dreams of homeownership as being within reach.
Low mortgage rates, an outcome of the Federal Reserve’s policies, have helped hundreds of South Florida homebuyers, many of whom have moved to Singer Island.
For information, call 561-746-7272.