The Charleston, South Carolina area is a great place to live or have a vacation home. The weather is great, the beaches are fantastic, golf courses are abundant, there are many historical sites, the architecture is unbelievable, the dining is unbeatable, and the people are the friendliest in the country. It is because of these reasons that I believe Charleston SC Homes are truly unique. I look forward to helping you with any of your Charleston SC Homes For Sale needs in Charleston, Berkeley, or Dorchester counties. Today’s article is titled:
Charleston SC Homes For Sale : July 2013 National Housing Trends
Rising Interest Rates Expected to Impact Homebuyer Traffic, Growth Slowing
Real estate agents are divided on whether rising interest rates will have a negative impact on home purchase activity. Average interest rates on 30-year fixed-rate mortgages increased significantly in June, according to Freddie Mac, from 3.54% in May to 4.37% on July 18.
“As interest rates rise coupled with rising sale prices many buyers are falling out of the market,” according to an agent in California. An agent in Washington state said rising interest rates are both motivating buyers and keeping some potential buyers from being able to purchase a home.
Analysts at CoreLogic said even with recent home price gains, affordability remains near record levels in many markets across the country. “For housing price affordability to return to the average level that we saw between 2000 and 2004, either home prices would have to rise an additional 47% or interest rates rise to 6.75%,” the firm said.
Sam Khater, senior economist at CoreLogic, predicted that rising interest rates won’t deter a significant number of potential home buyers. “Given the very high home affordability levels and more supply on the market, CoreLogic remains
optimistic that rising rates and home prices will not dissuade the more traditional buyer from entering the market and financing a home purchase,” he said.
After a strong spring home buying season, the growth rate of buyer traffic continued to decline in June, according to results from the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. Learn more about the July 2013 National Housing Trends here.
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"Carolina Joe" Idleman