The data from the local MLS shows that sale of existing and new housing remain locally strong. Inventory is not as tight as it was in the spring but conditions still favor sellers in most price ranges. 2017 may see a slight slowdown in activity, but I believe the many analysts that have suggested moderate growth will persist and healthy conditions should continue into the next year.
One thing that remains a bit of an enigma are those potentially volatile interest rates. Rates have remained at or near the record lows despite the federal government relaxing their position. The stock market is seeing tremendous growth and the interest rate bubble may pop unleashing higher rates over the next few years. This is not necessarily a bad thing as lenders and investors may loosen their underwriting grip when the rates they can charge are higher and thus more profitable.
Historically any rate under 6% is very good. We haven't seen 6% in years. Buyers or existing homeowners should consider making their next purchase or refinance very soon as rates have begun to sneak back up. As long as the equity investment market is booming their is a natural economic pressure on interest rates.
Over the last few months sales of new and existing homes in Clark County have been in or around 600 units. This is a strong healthy condition that should continue into the new year.
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