What's Going On In Our Real Estate Market These Days?

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One question I get asked all the time is, “How's the real estate market?” Now more than ever, this question has special meaning. People have been afraid of all the tumult in the real estate and job markets over the last few years. We all know that when the housing market bounces back, it means that other parts of the economy are likely to be making a big comeback as well.

Interest Rates are Fantastic

The first trend that I want to talk about is interest rates. They are at an all-time low right now, which is a great thing for both buyers and sellers. I looked at a rate sheet just today, and it showed 15 year fixed rates at just 3.5%. It also showed 30 year fixed rates at only 4.125%. There are even programs as low as 2.75% interest on a 3 year ARM. Never before have we seen such opportunity with these low interest rates!

Whether you are looking to buy or sell, these low rates are beneficial. Obviously, if you are a buyer, the benefit is a huge money savings over the life of your loan. As a seller, having low rates opens up the marketplace to more qualified home buyers. This means more people are available to purchase your home!

Homes Are Selling

I also get asked whether homes are actually selling anymore. The answer is a resounding YES! Look, buyers will always have to buy and sellers will always have to sell. People will always need a place to live. Home are still selling. In fact, I checked the stats in our local market and saw that 530 single-family homes sold in November. My team sold 17 of those homes, so I know first hand that homes are selling.

One example of this is a listing we took recently. They had an accepted offer in less than 2 weeks at 97% of asking price. Another home we had was listed for 30 days and sold at 96.7% of asking price. The key is price and marketing.

This time of the year, the inventory levels drop because of the holiday season and colder weather. I took a look at those stats and saw that the levels drop about 10%. That means there are still plenty of homes for buyers, but way less competition for sellers! That is a win-win.

My team and I would love to help you whether you need to buy a home, sell a home or just have question. Give us a call today!