Market Trend and Investments
If you are contemplating purchasing a home, condo, or even a business venture and would like to finance your investment then now may be the time to go ahead and consider making this decision. Last week, Freddie Mac announced that the average rate on a 30- year fixed home loan increased from 3.97% to 4.03%. As of Thursday, the rate decreased slightly to 4.02% which has since remained the same. On a 15- year mortgage home loan the rate rose from 3.23% to 3.27%. The good news is, though, that according to the National Association of Realtors existing home sales jumped 4.4% in March “to their highest pace in over 10 years.” This sales increase is 5.9% higher than a year ago and the strongest since 2007. In Bay County, home sales rose 13.1% in April alone, compared to this time last year. With an average sale price this past month of $211,971, up 4.54% since April 2016, planning on investing in the real estate market is a wise choice. Since Panama City Beach is known for the ‘World’s Most Beautiful Beaches’, and since new home and luxury condominium construction is fairly recent and continues to grow, this area is the perfect destination to acquire real estate as either your primary residence or your vacation home. With an upper momentum in the housing market, and as mortgage rates currently hold steady, now is the perfect opportunity to make that decision.