“The housing market had the strongest showing in 15 years in 2021.'
While the good news is that prices won’t see huge jumps like they did last year, home prices and mortgage rates are anticipated to still rise.
According to the Federal Housing and Finance Agency
“The housing market had the strongest showing in 15 years in 2021. Prices skyrocketed nearly 20% through the third quarter compared to a year before.”
The other factor to consider with affordability is mortgage rates.
The 30-year fixed-rate mortgage averaged 3.56% last week. The average was 2.77% this time last year.
While rates might be on the rise, this is a record low historically speaking.
☀️ FUN FACT. Interest rates were more than 12% when I bought my first home.
Who do you know that needs to hear this? Please share this with someone who is looking to jump into the real estate market.
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