You may have questions about the state of our current market, but have no fear—the latest news is good.
It’s true that inventory is low in our market—the number of homes that are available on any given day is lower than it was last year. However, we’ve noticed that the inventory that has come onto the market has overall been very good, and as a result, homes are selling very quickly. While it doesn’t look like there’s much available, if you’re watching closely, there’s still a good selection of listings.
Another exciting development that I think has been blown out of proportion is the rise of interest rates. For most of 2018, rates have ranged between 3.75% and 4.25%, and now they’re hovering around 4.5%. If you consider the fact that the average interest rate over the past 30 or 40 years is 8% though, current rates are still at a bargain level. This means you can still either get a historically low payment or buy a lot more house for a lot smaller of a payment.
Lastly, the snow is finally gone and spring is finally here. With the weather warming up, it’s the perfect time to put your house on the market.
If you’re interested in putting your home on the market or you have any other questions about our current market, don’t hesitate to reach out to me. I’d love to help you.