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Is Brexit Affecting The Real Estate Market In Austin
Dated: July 1 2016
Is Brexit affecting our real estate market? Definitely—and it is actually helping those who are looking to buy a home.
Great Britain voted to leave the European Union last week (with the nickname Brexit to accompany it), and although it will not be a full separation for another few years, both the US and the rest of the world have already been affected.
According to Ylan Mui from the Washington Post, these are some big ways that Brexit could affect Americans personally:
To start with, mortgages. Ms. Mui states that rates have plummeted recently because the Federal Reserve feared that Brexit might actually happen. She notes that the average interest rate on a 30-year conventional loan is about 3.54 percent vs. 4 percent a year ago. Also, the Mortgage Bankers Association reported an increase in loan applications of 17 percent the first quarter in 2016 and that refinancing is up 10 percent. This is why some lenders are so hard to reach nowadays.
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This is not what economists were expecting would happen this year, but the Fed had to re-evaluate its plans to increase rates, due to the resulting weakness and instability in the global economy.
Another big way that Americans are being affected is their retirement. Lots of 401K accounts are invested in the stock market, and the stock market dropped 6%, before recuperating a bit in the last few days, because of all the turmoil.
Lastly, your vacation! This is more good news for Americans since the exchange rate got better due to Brexit and our dollar now goes further. According to government statistics, 10 percent of tourists that visited Great Britain last year were American. This would be the time to book your trip, to enjoy how far our dollar can reach and some summer sun across the pond.
Sonia Comisarenco ~ REALTOR®~ Team Price Real Estate
We Introduce Buyers to Sellers
PH ~ 512-577-5208
Email ~ firstname.lastname@example.org
Website ~ sonia.buyinginaustin.com
Sonia was born in Argentina and has lived in the US since 1980 and in Austin since 2001. Besides being fully bilingual (English-Spanish), Sonia has made it her mission to gain extensive familiarity wi....
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