NATIONAL HOMEBUYERS TO BOOST NAPLES ACTIVITY
The nation’s homebuyers are expected to outnumber home sellers this spring, which will likely drive up asking prices, says Lawrence Yun. chief economist for the National Association of Realtors (NAR). This can be good news for the Naples area real estate sellers, who have been experiencing a decline in buyers during this winter selling season. The point being that an increase in national real estate buying frees up funds for retirees to move ahead with Florida living plans. Nationwide, the median price for an existing single-family home in January was $213,800- up 8.2 percent from a year ago, according to NAR housing data. Home prices are moving at the highest rate since April 2015. “There’s a decade of pent-up demand,” says Bob Walters, chief economist of Quicken Loans. Mortgage rates are expected to stay low, with the 30-year fixed-rate mortgage not likely to rise above 4% before May, says Keith Gumbinger, vice-president of HSH.com. My observation is this “stay low” situation results from the U.S. Federal Reserve’s obligation to reduce the growing value of the U.S. dollar, since it has an adverse impact on China’s global finances.