While the Federal Reserve did finally make good on their promise to raise interest rates, mortgages are almost as cheap as they’ve ever been.
Of course, prior to this, many financial speculators wondered what would become of the real estate industry should rates finally rise. So what has happened?
In fact, mortgage interest rates are back down to near historic lows, hovering below 4 percent as of the date of this article.
The State of Real Estate in Santa Clarita
Median single family home prices rose by $38,000 in the Santa Clarita Valley over the course of 2015. Not a bad return on an investment! We’re already seeing things heat up in January, which typically barely gets off the ground after the holidays. Many buyers and sellers are taking full advantage of their purchasing power due to the incredibly low rates.
So what’s in store for the future of real estate in Santa Clarita?
As we often say, no one has access to a crystal ball. So far, our national economic outlook is holding up well, despite the small hiccups we’ve had in the stock market this month. This plays a lot into how interest rates may shape our real estate future, as well as the possibility that the Fed may continue to raise rates, as they’ve indicated their decision last month may not be the last.
Don’t sit on the fence!
If you’re considering a home purchase, now is the time to act! Take advantage of this awesome reprieve we’re having interest rate-wise, and let Sheppard Properties help you realize all of your real estate goals. Contact us today for a no obligation consultation.