I want to take a minute today to give you a market update for the first quarter of 2016.
From a seller’s perspective, the market is looking better than it has in the past few years. Inventory is down by about 12%. We have about 4.8 months of inventory available now. At the same time last year, we had about 6 months of inventory.
From the buyer’s perspective, the good news is that interest rates have remained low. The conventional interest rate is about 3.69%.
Low inventory and low interest rates cause prices to increase. Prices have increased by about 3% for the average home priced at $169,000.
In short, prices are up, interest rates remain low, inventory is tight, and there’s a lot of buyer activity. If you’re thinking about buying or selling, now is a great time.
If you have any questions, give me a call or send me an email. I would be happy to help you!