May has been the busiest month for real estate so far in 2019, and the current sub-4% interest rates are likely one of the main reasons why.
Of course, there are other factors at play, so let’s take a look at a few recent market trends.
Active listings are up 2% year over year, while the number of pending properties is up 10% and closings are up 3%.
Interestingly enough, however, there were 25% fewer listings this May than there were in May of 2018. If you’re thinking of selling, this is great news. After all, the fewer homes there are on the market, the less competition you’ll face when you list your own.
As I mentioned earlier, though, the main driving factor in our current market is interest rates. Right now, buyers can secure a 30-year home loan for as low as 3.5%. This is absolutely unbelievable. And for a seven-year fixed-rate loan, your interest rate could be as low as 2.875%.
Out of the last 46 years, there have only been five years during which the average interest rate was under 4%, like it is right now. This just goes to show that now is an incredible time to buy a home.
The bottom line is that, whatever your real estate goals, now is a good time to make a move.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.