The real estate industry has made an enormous comeback in the past decade. For realtors at EXIT Realty Nexus in Coon Rapids, MN, the stable housing market means good business, but it also proves to be prosperous for home buyers, sellers, and investors, too. If you’ve considered buying or selling a piece of real estate in the near future, you need to understand what’s making the industry tick today. For the latest trends in real estate and to see why the housing market is booming across the entire country, take a look at what the realtors say you need to know.
Here are the top five factors contributing to the booming real estate industry:
- Unemployment Is Down: The economy has had its fair share of struggles over the past few years, but the unemployment rate across the country has begun to decrease. With employment opportunities on the rise, more people can invest their money in a home purchase.
- Stable Interest Rates: Interest rates are some of the lowest they’ve been in recent times, hovering right around 3.5%.
- Mortgage Assistance Programs: Affording a down payment on a home is tough for many families, but there’s plenty of mortgage assistance programs available that make buying a house more realistic. From first-time home buyer programs to VA loans that help veterans and active-duty service members attain financing, accomplishing the dream of homeownership is possible.
- Investors Are Choosing Real Estate: There are several ways for people to invest their money, but because of the upswing the real estate market is experiencing, investing in homes and commercial property seems highly advantageous.
- Inventory Is Low: For home buyers, finding a house that’s in their preferred neighborhood and within their budget is difficult to come by. While the housing market is surely booming, there’s limited inventory available. Competition is tough and bidding wars are breaking out, leaving sellers with more money than ever in their pocket.
To learn more about why the real estate industry is so hot or if you need assistance buying or selling a house in the Coon Rapids area, call the agents at EXIT Realty Nexus today. You can reach their office at (763) 757-3948, or visit their website to start searching available real estate listings.