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What Happened This Spring in Real Estate?

What Happened This Spring in Real Estate?
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Spring season is considered as the best season to deal in real estate matters. For the first time, it was noticed in the month of April that mortgage has been helping the buyers with long term mortgage rates. It was noticed that rather investing in short term it would be much better to lock into the long term mortgage rates. To see whether this idea is working or not a survey was arranged by Freddie Mac with the help of PMMS ( Primary Mortgage Market Survey ) through which this result was obtained that the 30-year fixed rate has now been dropped down with 4.80 percent which was noticed around 6.03 percent same time last year. Moreover, a one-year and five-year Treasury-indexed rates are calculated around 4.82 and 4.85 percent respectively which were calculated around 5.29 and 5.68 percent respectively same time last year.

The rise and fall in house prices have also been noticed. The prices rose consecutively for the months of January and February. The same situation happened last year in the month of April. After the month of March the median home price fell down with a rate of 12% as compare to the previous year. Just after this the price of the famous Bailey Mansion which was used as a circus dropped within six months from $10 million to $6.5 million. Evermay which is known as the most popular home listing of Washington dropped its price from $49 million to $39 million. This is one of the biggest real estate properties which is spread on the area of 3.58-acre and known to belong to the real estate market since September.

 

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About James Pattric

James writes for the Residential category (along with Josh Johnson) and also heads up the Resources category.

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