A string of recent bad economic news has pushed the 30-year fixed mortgage to 5.49% (5.69% APR) and increasing affordability for your clients. This means a buyer with a budget of $500,000 purchase price can now increase their budget up to $550,000.
Of course, most of our homes are priced well above that national figure; however, the first-time buyer market (lower end homes, condo and townhouses) are experiencing low inventory that tends to gather multiple offers, which is bumping up prices too.
With these lower rates, applications to refinance a home loan jumped 10% last week, compared with the previous week, seasonally adjusted. Refinance demand, however, was still 44% lower year over year.
For sellers, home inventory rose slightly over the last few weeks here locally. The average number of homes on the market was about 42 to 48 per week. This week, we are just at 60 homes for sale in all of Concord (any price, condition or location). The homes that did go pending were averaging 9 days or less on the market. So buyers are making offers and sellers are experiencing more than one offer (average of 3 offers, in my experience) for the properties that we have brought to the market over the last 6 weeks.
Check out the graphic. Some highlights:
• Not sure if selling your house is the right move today? You should know there are a number of reasons it still makes sense to sell now.
• Your house will stand out because inventory is low. That’s why the number of offers on recently sold homes is on the rise. And most homeowners have a lot of equity that can fuel a move.
• If you’re thinking about selling your house, reach out to a local real estate expert to discuss if now may be the time to move.
• Remember, it takes time to professionally prepare your home for sale, while helping you figure out your next move. Sooner is better for a consultation on your specific home.
• The phone lines are open – enjoy this beautiful weekend!
