August 2020
Hi friends,
Mortgage rates just keep on falling. For the eighth time this year, the national average for a 30-year fixed conventional loan has hit a new record low.
What do you get when you pair sub-3% mortgage rates with a population stuck inside?
You get the latest trend in real estate: Trading up!
New research reveals that today’s home seekers want more space and more amenities — and they are willing to pay extra for it. All across the country, home sales are shifting upwards from the lower- to middle- to high-end of the market.
It’s understandable: Who wouldn’t want a bigger yard for outdoor play? More living space for virtual schooling? A better kitchen for the chef in the family (who is extra-busy these days)?
Even home builders are getting in on the action, spotlighting dedicated home offices in their newest floor plans to serve the growing home-based workforce.
If you’re like most buyers, recent months have motivated you to improve your living arrangements. With mortgage rates now lower than ever, does it seem like a bad time to make a change?
Talk soon,
Mike & Lisa Styring
Hawaii Realty International
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