Home Sales Prices are still increasing and next year they are expected to increase another 5% Now is the time for homeowners and Investors to purchase! Especially for Investors. If you are an investor and you did not purchase property in 2019 you Lost 3.5% So if the market prices increase another 5% in 2020 as predicted guess what then you lost 8% ..........Make sense
October was another month of gains according to the latest CoreLogic Home Price Index. CoreLogic President and CEO Frank Martell said, "Nationally, over the past year, home prices are up 3.5% with the rate of growth accelerating from September into October. We expect home prices to rise at least another 5% over the next 12 months."
Buyers will be able to borrow more next year to keep up with rising home prices. The Federal Housing Finance Agency (FHFA) announced higher maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2020. In most of the U.S., the 2020 maximum conforming loan limit for one-unit properties will be $510,400, an increase from $484,350 in 2019.
Mortgage interest rates trended slightly upward last week but finished the month .10% lower than they closed out October. In the Primary Mortgage Market Survey for the week ending November 27, analysts at Freddie Mac said, "Following a decline in the first nine months of 2019, mortgage rates have traded narrower during the last two months with a modest drift upward due to an improved economic outlook."