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To those who have been asking about the state of our current market, today I have your answer.
We are definitely in a seller’s market, particularly in the price range between $150,000 and $350,000. Within that range, we currently have 1,296 active listings available for purchase, or roughly two months of inventory available. Each month, we sell about 625 homes. A lot of these properties are selling quickly and for a high percentage of their list price, which is good for our entire area.
Since interest rates are at all-time lows, if you’re thinking about making a move in the market, I recommend that you do it sooner rather than later.
Also worth noting are our interest rates, which have been fluctuating almost daily. The good news, however, is that depending on what you choose to buy, you’re looking at getting a 3.5% to 4.25% interest rate. What’s good about this is that when homeowners are looking to sell their property and purchase another one, they’re able to cash out a good chunk of equity and put it down on their next home purchase, which will often alleviate the pain of paying for costly private mortgage insurance.
Since interest rates are at all-time lows, if you’re thinking about making a move in the market, I recommend that you do it sooner rather than later. That way, you can pull your equity out, put it down on your next home, and lock in a low rate for a 30-year fixed mortgage.
If you have any questions about today’s topic or are thinking of making a home purchase soon, don’t hesitate to reach out to me. I’d love to help you.