Mastering the new real estate rules | South Salem Real Estate

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The housing market is getting hot—and that is changing the game for both home buyers and sellers.
In many cities, including those hard hit by the downturn, bidding wars are breaking out and winning offers often exceed the asking the price. A relatively low inventory of homes for sale is feeding the scramble.
Existing-home sales were up 13% in May compared with the previous year, reports the National Association of Realtors, and the median home price was up 15%, to $208,000, the biggest jump since October 2005. Average home prices for the most recent S&P/Case-Shiller 20-city index were up 12% in April over a year ago.
For first-time buyers and those eager to move up, it could be a good time to buy. Prices still are well below the mid-2000s highs. Interest rates have shot up, but they remain low by historical standards. The average rate on a 30-year fixed-rate mortgage was 4.37% for the week ended Thursday, up from 3.35% in early May, according to Freddie Mac’s weekly survey. Until 2009, rates were above 5% going back to the early 1970s.

Initially, rising rates could drive potential buyers into the market before mortgage costs climb more. But if rates continue upward, they could help put an end to the boom.


Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Mastering the new real estate rules | South Salem Real Estate

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