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Buying a Corpus Christi home? Search all homes for sale
Today I'll give you an update on what's been happening in real estate on both the national and local level. First, we'll check in on the national level.
According to the Federal Reserve Survey of Economic Well Being, 44% of buyers believe that owning a home allows you to build long term wealth. 41% believe buying is cheaper than renting, and 20% believe that owning a home provides certainty of monthly payments. A study from the Joint Center of Housing reveals that a homeowner has $80,000 of median equity; renters have a median equity of $800. Bottom line, buying a home provides more long-term wealth.
We do know that mortgage rates are starting to pick up. Fannie Mae, Freddie Mac, MBA, and the NAR are all seeing interest rates go up as we approach the fourth quarter. They project that the rates will go up three-quarters of a point. However, no one knows exactly how much the rates will go up or when that will happen, so the time to buy is right now!
Nationwide, sales are up in every region, every area, and every price point. 52.2% of buyers in April were all first-time home buyers. Overall, the real estate market is doing well across the nation.
Now on to more great news on the local side. The single-family home margins are as follows:
- Sales pending for June 2015 are down one-tenth of a percent from January 2015.
- Median sales have gone up 7.9%, from $164,000 to $177,000.
- The average days on market are down from 125 days to 115 days.
As you can see, the market is doing very well, and homes are going to sell very quickly. Now, onto the numbers for new construction:
- New listings are up 54.6% on single-family new construction homes.
- Pending sales for June 2015 are up 20% from January of 2015. That's a 28.5% increase, which is pretty good!
- The absorption rate in Corpus Christi is 2.7 months of inventory, which puts us in a strong seller's market.
If you would like to receive a free market watch report, which includes all the information we disclosed today, please contact us. The real estate market is doing well on both the national level and the local level. If you have any other questions, please give us a call or send us an email. We're happy to help!
