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The fall is here and we are ⅔ of the way through the year. Today I thought I would give you a quick market update. I’ve been looking at some of the latest numbers and in August 2015, sales in the metro area were up 7% from this time last August! We now have 1,644 homes that have sold so far this year, as opposed to 1,524 at the same time last year.
I was also looking at the year-to-date numbers, and noticed an even bigger trend. Compared to where we were at this point in 2014, sales are up 16.5%! There have been close to 1,500 more sales this year than last year. At the same time, inventory is declining. There are about 8,523 single-family homes for sale right now on our MLS, down 8% from 9,200 last year.
What does this mean? Well, more people are buying due to confidence in the economy and the fact that interest rates have remained extremely low. If you’re thinking about buying, I would consider making a move now due to the fact that you can lock in an interest rate on a 30-year mortgage for less than 4%, which was unheard of in the past.
Rates may rise very soon, so we recommend taking advantage of conditions now and making your move while money is cheap.
Rates may rise very soon, so we recommend taking advantage of conditions now and making your move while money is cheap.
If you have any questions for us about the market or how you can succeed in it, give us a call or send us an email. We look forward to hearing from you!
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