2017 Mortgage Forecast
As 2016 draws to a close, we’re grateful for the strong housing market, which has enabled us to help hundreds of individuals and families invest in real estate, purchase new homes and vacation homes, and reduce their interest rates. As we look ahead to 2017, we anticipate the local housing market will remain strong. We asked Matt Helling, Vice President of Sales and Operations at Cambria® Mortgage™ to provide insights and advice for homeowners in the year ahead.
Thinking of selling your home?
If you’re planning to sell your home in 2017, your timing is excellent. “Here in the greater Twin Cities metro area, we’re seeing a continued lack of inventory of homes available for sale, which has helped drive median sale prices up by almost 6% and closed sales up by almost 5%,” says Helling. With fewer homes on the market, buyers are moving fast and making full-price and higher-than-asking-price offers, causing the average number of days on the market to drop from 76 days to 64 days. These positive conditions are expected to continue throughout 2017, so if you’re thinking of selling your home and buying a new property, consider pre-qualifying for a mortgage, which will allow you to move quickly to buy a new home when your home sells.
Ready to buy a new home?
“Whether you’re thinking of buying a starter home, downsizing to a condo, or investing in a lake cabin, you’re fortunate to be living in the Midwest, as our housing market continues to be more affordable than the East or West coasts,” says Helling. “And, with an abundance of innovative home loan programs and products, it’s easier than ever for first-time homebuyers to qualify for a mortgage with little or no money down.” If you’re getting ready to buy a new home in 2017, your Cambria Mortgage loan expert can help you decide how much you can spend on a down payment and a monthly mortgage payment.
Planning to build a new home?
“From Shorewood to Savage, new construction is booming across the Twin Cities metro area, with closings up nearly 7% over last year,” says Helling. “Because quality buildable lots within easy driving distance of Minneapolis and St. Paul are becoming increasingly hard to find, make sure you have a lot purchased before you spend significant time or money developing plans.” If you’re dreaming of building a new home in an established neighborhood, talk to top local builders and architecture firms as they often know about available lots and tear-downs before they come on the market. Cambria Mortgage can help you understand how much you can spend to acquire the lot and design, build, furnish, and landscape the house.
Ready to refinance your existing mortgage?
"If you’re in the market for a new home loan, 2017 is still a good time to refinance,” says Helling. “Even though interest rates have risen since the election, we expect them to remain historically low.” To get started on a new home loan, talk to the experts at Cambria Mortgage. Unlike traditional banks, where the selection of mortgages may be limited or bundled with other products that you may not need or want, Cambria Mortgage is a full-service mortgage lender with access to many different investors and programs and highly competitive interest rates, so you can be sure you’re getting the best loan for your situation.
Get started with Cambria Mortgage today
“With 2017 just around the corner, now’s a great time to get started on buying, building, or refinancing before home prices and interest rates increase any further,” says Helling. Your Cambria Mortgage expert can explain the various loan programs and help you find the right mortgage for your needs. For more information, visit CambriaMortgage.com or call 952-942-0110 today.