I can tell you that here in Long Island, houses are now being snapped up very quickly.
I have a colleague who (with his working wife) saved $80,000 to put a down payment of 20% for a house in the Nassau-Suffolk Counties. Mortgage interest rates are at a ridiculously low 3.9%.
Everytime he see’s one house that he likes, it already had an offer which the seller accepted ( with a second backup offer in existence ).
He recently found a house he liked and he and his wife quickly gave an offer which the seller agreed to. Problem, he forgot to sign an agreement. Another buyer offered $10,000 more than his offer which the seller favored.
The other buyer (whose offer was accepted ) got a loan from a bank with only 3% DOWN !!!
We’re back to the bubble economy once again !!!
Long Island...it’s not the loan, it’s the insurance that’ll break ya!
I live in Syosset and the house next door has been for sale for a year and a half.