West Palm Beach Real Estate Prices Still Rising Despite Increase in Mortgage Rates
Although lending rates have reached an almost four year high, the West Palm Beach real estate market is still going strong. This continued increase in buying and West Palm Beach real estate prices is due in part to the fact that "mortgages have remained a relative bargain," with the rate of a 30 year, fixed-rate mortgage averaging 6.05 percent in mid-August.
Many worry that these cheap mortgages are creating a West Palm Beach real estate pricing bubble. However, there are other factors to consider before hitting the panic button, such as “the areas desirability, the supply of available housing and the strength of the local job market.”
Since prices are growing by double digits in the area, purchasing West Palm Beach real estate and reselling it within a few months can earn investors a lot of money fast. Investors in the West Palm Beach real estate market can only hope that mortgage rates stay low and continue fueling demand among buyers.
Many worry that these cheap mortgages are creating a West Palm Beach real estate pricing bubble. However, there are other factors to consider before hitting the panic button, such as “the areas desirability, the supply of available housing and the strength of the local job market.”
Since prices are growing by double digits in the area, purchasing West Palm Beach real estate and reselling it within a few months can earn investors a lot of money fast. Investors in the West Palm Beach real estate market can only hope that mortgage rates stay low and continue fueling demand among buyers.
