For today’s market report, I’ve jotted down three things about our real estate market that I’d like to share:
What do the numbers tell us is happening in the market?
- In the month of April 2019, we noticed that 30% more homes went into escrow than those that did in April of 2018. That’s a huge increase!
- 20% more homes became active on the market over last year.
The fact that we have more homes going under contract than we have coming onto the market means that, as we go forward this year, we’re going to have a very stable market; we won’t see the price drop that we were anticipating months ago.
But what is driving these trends?
Interest rates are now near 4%, when, just a year ago, they were closer to 5%. This year, a buyer’s dollars will go a lot further. More importantly, if you, like many people, choose to get a 10-year fixed rate mortgage, your rates will be closer to 3.5%
So what does this all mean?
If you’re selling a house, buyers can afford more than they could even four or five months ago. You’ll be pleasantly surprised about how good the market is in terms of the price and terms you can get. If you’re buying a house, your monthly payment will be lower and your dollar will go further than it would in recent times. In general, I’d call this a “Goldilocks” Economy: It’s not too hot, not too cold, but just perfect.
If you have any questions about our market or the stats I’ve shared, don’t hesitate to reach out to me. I’d love to help you however I can.