Today I have a quick update about the last six months of our market.
Today I want to do a quick market update since we have had a few calls recently wondering how the first half of the year went.
Our sales have been really strong this year. There were 1,263 closed transactions in the last six months. Currently, we have about 440 pending sales that are waiting for the bank to finalize the financing. That is down from last year, but they’re still very good numbers.
Our inventory is currently at 753 homes on the market, which is also down from last year. It is, however, up quite a bit from the spring market. This means that there is a good selection, but at the same time, the homes are moving quickly. You have a good selection of properties to choose from.
The interest rates, meanwhile, have actually dropped slightly even after the Federal Reserve announced that they were rising. Long-term mortgage rates have actually declined a bit, so they are very attractive.
Another recent change is that if you have a complex financial history, the Dodd-Frank bill has been scaled back and is giving local and national lenders an opportunity to work with business owners with more flexibility than they had in previous years. If you have been worried about purchasing something because of the complexity of your financial history and background, I think you may find that it has gotten better.
If you have any additional questions or are interested in buying or selling, please feel free to reach out to me. I look forward to speaking with you soon.