Home Prices Continue to Rise and Mortgage Interest Rates are Projected to Increase
Fort Walton Beach, FL -- (SBWIRE) -- 12/02/2013 -- Fort Walton home sales continue to rise, according to Builder Online, with new home closings increasing by 17.2 percent over the same time period for the previous year. In August, 228 new homes were sold, as compared to 222 for the previous year, with both new and existing homes going for an average price of $260,651. "Those interested in buying a home in the near future need to contact Supreme Lending Fort Walton Beach immediately as the rise in home sales and home prices is expected to continue into 2014," Sheryl Douglas of Supreme Lending declares.
During the residential forum held at the 2013 REALTORS Conference and Expo, Lawrence Yun, the National Association of Realtors' chief economist, agreed with Ms. Douglas' assessment, stating home buyers can expect to see healthy gains continue into 2014. Prices for existing homes show an increase of 18 percent over the previous two years while sales show a 20 percent cumulative increase. "Consumers must be concerned about limited inventory conditions as well as stringent lending conditions, yet there are some positive signs seen in the market. Experts expect refinancings to collapse in the coming year, which should lead to lenders relaxing mortgage origination standards," Douglas explains.
Consumers looking to buy a home need the advice of Fort Walton mortgage professionals to ensure they get the best rate and terms. In addition, a professional works to help buyers determine if they should purchase an existing home or buy brand new. "The underlying demand for housing is expected to reach approximately 1.5 million with housing starts forecasted to hit only 1.13 million in 2014 which also affects housing prices, yet these are not the only things potential home buyers need to be concerned about,” Douglas continues.
Yun predicts inflation could reach four to six percent in 2015, leading to higher mortgage rates, and he believes mortgage interest rates could be as high as 5.4 by the end of 2014. "Anyone looking to buy a home needs to closely monitor mortgage rates in Fort Walton Beach to see how they are currently trending to ensure a home purchase takes place before rates go up significantly due to increased inflation. Now is the time to buy so contact Supreme Lending today as our staff will be more than happy to assist a consumer in finding the home of their dreams," Douglas states.
About Supreme Lending
Supreme Lending offers professional advice for those in the Fort Walton Beach and Okaloosa County area in need of assistance when it comes to the home financing market. This Florida mortgage lender continues to be fully invested in every home loan originated within the company, and has an inherent interest in becoming a partner in home ownership with borrowers. By continuously monitoring mortgage rates, Supreme Lending offers comprehensive real estate financing solutions that conform to borrower expectations. The company remains committed to providing dedicated customer service and great attention to detail to every customer, providing a full range of real estate financing options.