#Shutdown & Home MortgagesMany home buyers and home sellers may start to wonder how this government shut down impacts home mortgages. Whether it’s your mortgage application or the mortgage
What To Expect For The Capital Region Housing Market In 2014
Alexander Monticello, a licensed real estate broker in Albany, said he was involved in at least 15 transactions over the course of 2013 where there were multiple offers.“It is a more competitive market, but there are still overpriced homes on the market that will require the seller to give up something,” Monticello said. “Buyers are savvy, because they have the opportunity to do a lot of online research.”Monticello did not expect the rising interest rates — hovering around the 4.6 percent mark these days for a 30-year-mortgage — to cause a market slowdown. It might encourage buyers to get serious, because the rates are likely to keep climbing. While nearly a full point higher than they were a year ago, interest rates are still near historic lows, Monticello noted.As we move into 2014, we’ll await the final numbers from December 2013, due out at the end of January. I expect we’ll see a modest price dip due to the rising interest rates but overall year-over-year price gains for the Albany housing market. Below is the latest GCAR Skinny breaking down the November housing numbers.If you’re thinking of selling, you can get tips from my free seller’s guide. If you’re looking to buy make sure you review the buying steps in my buyer’s guide. And as always, if you have questions or concerns don’t hesitate to contact me.
Alexander is a New York State licensed real estate broker and New York State licensed attorney. A life long upstate New Yorker, Alexander has lived and worked in the Capital Region since 2005. He has ....