A Career In Real Estate Has A Brighter Outlook
The real estate market took a tremendous blow during the downturn of the economy. Many homeowners not only found themselves upside down in their homes, but due to job losses, often found themselves with mortgages that they could not afford. Basement bargain prices, along with a glut of foreclosed homes on the market, made it hard for a motivated seller to sell, and tightened lending practices made it hard for buyers to buy. Fortunately, much of this has already turned around, and there are signs that the real estate market will continue to recover and grow. If you are looking for a change in careers, you may want to consider real estate.
Mortgage Rates Continue To Be Low
With a 30-year fixed mortgage continuing to hover around the 4%, and a 15-year fixed hovering around the 3.25%, mortgage rates are very affordable. While these rates are variable, and some analysts were predicting that they would rise, they have remained steady during 2014. No one knows what they will do in the future, but as long as they remain low, they will make home ownership more affordable.
Low prices, reduced interest rates and an influx of interested buyers have reduced the amount of inventory in many of the housing markets. While there continues to be some great buys to be found by buyers, this is a great thing for sellers. The less inventory, and the greater the demand, translates to higher selling prices.
Housing Prices Continue To Rise
While some homeowners may find themselves still slightly upside down, they should not be as bad off as they have been. Housing prices, and values have rose steadily in the last year. It is estimated that these prices will continue to improve in the upcoming year.
More Buyer Competition
The combination of the first three points has led to an increase in the amount of competition among buyers in premium markets. While this may not be seen in every community, it is not unusual for multiple offers to be generated in hot housing markets.
In many areas the cost of rent is rising faster than the home prices. Combine this with more jobs, and people returning to the job market, there is a greater urgency for people to purchase a home. With higher rent prices, it simply makes more sense to invest in something you will eventually own, than to continue to pay for something that you have no equity in.
The housing market is on the road to recovery. Although, it may not be running a very fast race in some markets, it is continuing to be steady. It will be an interesting time to have a career in this field. Click here for more information on your potential in the real estate market.