Overall, our market is strong right now and it’s a great time to be a buyer or a seller.
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What do the latest numbers say about our market?
The average sales price has increased by about $25,000, and inventory is down about 1.4%. This means we’re in a seller’s market. There are still over 600 homes on the market right now though, so there is plenty of inventory to choose from if you’re a buyer. Overall, this year’s market pace is ahead of last year’s.
Interest rates are another big factor to consider. You’ve probably heard that they’re as high as 4.75%, but we’ve heard from our lender that traditional conventional loans are right at 4.5% and FHA loans are at 4.25%. In any case, these rates are still historically low. I remember the interest rate for my first house was 9%.
Our market is strong right now. Interest rates will only go up from here since our economy is doing really well and the Federal Reserve prefers to slow it down a bit and raise them before things get too crazy.
It’s a great time to buy or sell in our market.
If you’re a first-time homebuyer, now is the perfect time to get pre-qualified and jump into the market. If you’re a seller, now is also a great time to list your home because inventory is so low.
If you have any other questions about our current market or you’re thinking of buying or selling a home right now, don’t hesitate to reach out to us. We’d love to help you.