The most recent Primary Mortgage Market Survey conducted by Freddie Mac revealed that fixed mortgage rates are once again hovering around historical lows. This is despite the 2.0 percent economic growth in the third quarter. On November 1, 2012, the U.S. average for 30-year fixed-rate mortgages was recorded at 3.39 percent, and the average 15-year fixed-rate mortgage was recorded at 2.70 percent. Both of these were down from the previous week. At the same time, home prices in the Palm Beach and Broward counties have been gradually rising since August. Rising prices combined with the low inventory of homes on the market are making it a great time to sell a home in South Florida. Another recent development in the South Florida housing market is the influx of cash buyers. Here's a clip from a recent news report on the trend.
"Buyers wealthy enough to pay in cash are the driving force in the $200 billion housing market across Broward and Palm Beach counties — making it harder for people who need financing to find a home."
Whether you are looking to buy or sell a home in Palm Beach, Delray Beach, Boca Raton, Jupiter or St. Port Lucie, Lang Realty's knowledgeable agents and white glove service can help you get to where you want to be! To find the real estate right agent for you, contact Lang Realtyat 866.733.2214.