We start out the year with a new president and I personally think from a small business perspective that this is good. I believe we’ll see more jobs and a better economy that can only be good for the real estate market.
However, that will bring with it higher interest rates which I don’t think will be too dramatic, maybe a 1.00% increase. We’ve had some good news from two federal loan programs that should help offset the higher interest rates this year. Rural Housing loans have lower mortgage insurance premiums of 1.00% upfront and .35% monthly. That’s down from 2.75% upfront and .50% monthly.
Housing prices in most places have stabilized and gone up in some markets. There is also a lack of inventory. That could cause an affordability issue in some places, as incomes have not kept the same pace. As with a lot of things supply and demand will solve some of these issues. Good paying jobs is still the key. Hopefully we’ll see more of that under a new administration.
All things considered 2017 looks to be a good year for the real estate.
DEPENDABLE MORTGAGE CO.
License #100008357 NMLS #381084
145 Grand Avenue, Suite B
Grand Junction, CO 81501
Office: (970) 257-1502 Cell: (970) 250-8613Website: Dependable Mortgage Co. (apply online 24/7)
Equal Housing Lender
Regulated by Real Estate Division