If you’ve been wondering what’s going on in our real estate market as of late, then you won’t want to miss this end-of-the-year update.
It’s time for our end-of-the-year market update. Along with sharing some developments from our market, I’d also like to enlighten you as to some exciting news from the mortgage industry.
Let’s start with the recent development from the mortgage industry: The conforming loan limit has recently increased from $423,000 to $484,000! This may not have a huge impact for some, but it is definitely a positive change for our market overall.
And speaking of mortgages, the average interest rate has actually improved. While rates were hovering around 5% a month or so ago, they’ve now dipped back down to 4.75%. This is still historically low compared to what we’ve seen in years past. In other words, it’s a great time to buy.
Moving on to some other trends we’ve observed in our market, sales are still going strong. Despite the decrease of activity that is typical at this time of year, we’ve still got 210 pending sales on our market right now. This is yet another sign that we’re in for a very strong spring. On a personal level, my team and I can attest to this, as well, as we’ve had 12 clients approach us with plans to list in the early months of 2019.
All in all, if you’ve been thinking of making a move, now is the time to begin taking steps toward your real estate goals.
If you have any other questions or would like more information about our end-of-the-year market, feel free to give me a call or send me an email. I look forward to hearing from you soon.