According to recent reports by MLS, single home sales soared 19% this past August compared to last August. Condo sales were comparable – also rising 17% since last summer.
It seems that people are finally jumping back into the market and realizing that prices may drop a little more, but not enough to delay taking advantage of the rock bottom mortgage interest rates. These are historic rates. I have no idea how anyone actually bought a home in the 70’s and early 80’s. Mortgage rates hit an all-time high of 16.6% in 1981.
So that creep back toward a real estate recovery is happening – at least here in Massachusetts. But I am curious about a few things. Of the following, which of these reasons are holding you back. Pick one. Or if you pick a few, number them in terms of importance. Appreciate your feedback.
Market hasn’t hit bottom yet.
Down payment requirements’ are too demanding now.