Houses Of All Kinds
For many first-time buyers, there isn’t much to be expected, but it wouldn’t hurt to be open-minded during these hard times in the market. It would be wise for these types of buyers to find more options besides the single-family houses. Mobile homes, townhouses, would be of use to them at least for temporary households until the time is right for them to get better deals.
According to Robert Dietz from the National Association of Home Builders, he claims that mobile homes are expected to be finished at a rate of 100,000 units a year, having a 7,000 increased since 2017. He believes that the trend will continue to grow in the later portion of the year.
Mobile homes and townhouses are also slightly cheaper. The mere cost of a mobile home averages around 70,600$, which is very different than a 250,000$ single-family house that is still around to even 300,000$ for those that are new homes. For townhouses, there are some growth as well in their establishment.
Hardships of Affordability
The values of the housing market are still expected to rise this year and even in 2020. Yun believes that the price growth stayed around 2% to 3% in recent years and over 5% in the later ones such as 2017.
Mortgage rates are expected t rise simultaneously with the modest price growth. The rate is to increase by around 5.5% within the 2019 housing market, roughly towards the end. With these combined factors, it appears apparent that for many home-buyers, it will be far more expensive to purchase a home. According to Hale, the interest rates and increase in prices can lead to an increased estimate of 8% in the monthly mortgage payment fees.
Rana Khanjani, MBA
San Fernando Valley Iranian-American Real Estate Agent
Providing Services in English and Farsi
Address: 22020 Clarendon St. 200, Woodland Hills, CA 91367