Based on their studies, NAR economists believe that the fear of potentially higher rental costs and mortgage rates in the near future appear to be bringing more interested buyers into the market.
Following the housing market’s best first quarter since 2007, NAR’s chief economist, Lawrence Yun, says that he expects this year’s sales to continue to rise above earlier estimates culminating in an estimated 3.0 percent boost from 2015.
In addition to the positive news provided by economists for NAR, Jonathan Smoke, chief economist for Realtor.com says that “This report rounds out a triple crown of April home sales reports with existing home closings, new pending contracts, and new home sales all solidly up as the spring buying season ramped up.” Further adding that “Across these metrics, the pace of total home sales is up more than 10 percent over last year, putting 2016 in the pole position to earn the standing of the best year in a decade.”
This is excellent news for both individual homeowners and our economy as a whole. For more information, read this article from RISMedia.
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Gayle Barton South Forsyth Real Estate | Cumming GA Real Estate
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