Market conditions favor sellers as we enter the fourth quarter, but low interest rates make now a great time to be a buyer, too.
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What’s the latest news from our market as we head into the holiday season?
The biggest topic is low-interest rates. Everyone predicted rates would steadily increase over the course of 2019, but they’ve remained remarkably low. In fact, the last home sale we closed in the third quarter had an interest rate of 3.5%, and lenders are still quoting as low as 3%, depending on your credit score and personal circumstances.
Year over year, the average sale price rose 5% compared to the third quarter of 2018, and the number of transactions rose 5% too during that time. As fall begins, inventory remains tight and prices are firm. Sellers are getting at or near their listing price of they price their home correctly in the first place. These favorable market conditions and tight inventory help sellers, while the remarkably low interest rates make it a great time for buyers to enter the market.
As fall begins, inventory remains tight and prices are firm.
As we close the books on the third quarter, it’s important to remember that real estate is local—even down to your specific neighborhood. Don’t pay too much attention to those national (or even metropolitan) reports that tell you what the trends are. Work with a local Realtor who has local knowledge and data regarding your neighborhood if you plan on buying or selling a home.
If you do plan on buying or selling soon, don’t hesitate to give my team and me a call. We’re on standby seven days a week from 9 a.m. to 8 p.m. ready to assist you. If you need to sell quickly, you can take advantage of our Guaranteed Cash Offer program, which frees you from any showings and open houses and allows you to close at your convenience.
If you have any other real estate needs, feel free to reach out to me as well. I’d love to speak with you.