According to the latest market statistics, it’s a great year to be a buyer or a seller.
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Whether you’re buying or selling in our market, I have some good news to share with you today. Let’s start with a few statistics to give you an idea of where the market currently stands.
There have been 1,095 home sales in the last six months, which is a really good number. We currently have 439 homes waiting to close, or what we call ‘pending sales.’ That number is up quite a bit from last year. Our inventory has also grown quite a bit. At the beginning of the year, we had about 654 homes on the market, and today we’re up to 807, which is a little less than the 1,100 to 1,200 we would’ve had last year. If you’re a seller, this means there’s a good chance your house will sell in a reasonable amount of time.
If you’re a buyer, the really good news is that mortgage rates are close to record lows. In fact, on a 30-year fixed rate for a conventional loan, you’re looking at rates in the 3.75% to 4% range. For FHA or first-time buyer financing, rates will probably be in the 3.5% to 3.75% range. If you’re considering financing 15 years or less, your rate will be quite a bit better.
“IT’S A GREAT TIME TO BE A BUYER OR A SELLER.”
If you’re thinking about selling, it’s a great year to do it. If you’re thinking about buying, you’ll save a lot of money over the life of your mortgage with rates where they are.
If you have any questions about our market or you’re thinking of buying or selling a home, don’t hesitate to reach out to us. We would be happy to help you.
