The housing market is about to head into the start of the spring homebuying season, but looking at the facts, the wheels might already be starting to turn.
An article in Fortune, listed 10 reasons why the housing market will go ballistic this spring, specifically for single-family homes –especially among first-time buyers.
For example, the latest Freddie Mac mortgage survey showed that mortgage rates are hovering around 2013 lows, with the 30-year, fixed-rate mortgage averaging 3.80%.
Here is a preview of the first one on the list:
1. Everyone sees that the zero interest rate party is coming to an end. If you’ve been waiting to borrow, it’s getting close to “now or never” time. Fear of missing out (what the kids call “FOMO”) is as powerful a motivator as anything.