In a recent report by CoreLogic, their economists were very confident that the housing market will stay positive and strong. Yes home prices are up over 12% on a national level and inventories of existing home continue to be in very short supply. Increased demand, home builder confidence at a 7 year high, multiple offers still does not mean that housing is heading back to the bubble according to the report. "The fundamentals are there right now, and the market is responding," said the chief economist at CoreLogic Mark Fleming.
The key is home affordability as consumers even in the fastest growing markets continue to see historically low rates. Fleming pointed to still near-record levels of affordability as compared to the years 2000 thru 2004. He stated that for housing price afforability to return to the average levels of those years either home prices would have to rise an additional 47% or interest rates rise to 6.75%. As mortgage rates continue to rise slowly this will also lessen the chances of a housing bubble, but Fleming also believes that demand will stay strong.
"Buyers buy based upon payment, and those payments are still highly affordable relative to their incomes," he said. Historically home prices are not affected by rising interest rates and generally more affected by income and employment and therefore affordability remains strong!
JP And Associates REALTORS (JPAR) is one of the top 100 independently owned brokerages in the US. A full service real estate brokerage firm specializing in real estate sales and marketing services with multiple offices across the US and expanding quickly. JPAR is also one of Real Trends top 500 Brokerages in the US for volume and sales and in the top 1% in the US for sales.
Our mission is to provide extraordinary services and exceed our clients’ expectations by always committing to the highest levels of professionalism, ethics and standards in the real estate industry.
JP and Associates REALTORS is a real estate company with a solid structure and foundation built around service and productivity. We believe in providing a fun and rewarding environment for all our REALTORS® and therefore always ready to support our REALTORs® Associates in any market and in any condition. All our REALTORs® will always strive to close more transactions in a given year than the average REALTOR®. Our goal is to recruit and retain the most professional, better trained REALTORs Associates in the local market.
If you are interested in a new career in real estate or already have a real estate license but wish to learn more about our company please contact us directly to set up an interview. We offer our agents a 100% commission plan, company leads, training and mentoring and coaching from TOP Producers with no office, desk fees or monthly marketing fees ever. We are a full service brokerage at a transaction fee cost.
At JP And Associates REALTORS we strive to exceed our Clients AND our Associates expectations.