The CSRA market continues to improve, but we don’t know what the future will bring. All we know is that right now is the perfect time to buy or sell.
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I’ve got a quick update on what’s happening in our real estate market today. Sales activity started slowly in 2018, probably due to the cold weather, but ended Q1 of this year about the same as Q1 of 2017 with around 1,570 homes sold.
Things are picking up here in Q2, however, and we’re seeing more buyer activity and more multiple offer situations. If you’re a buyer in a multiple offer situation, put your best offer out there to start with. Forget what the list price is. Just think about what you’re really willing to pay for the home. Put yourself in the best position to get the home.
What’s our market doing right now? Interest rates are up over Q4 of 2017 and have risen from an average range of 3.75% to 4.00% to an average range of 4.25% to 4.50%. The number of homes on the market is 2,100, with the average sales price up around 6% to $225,000. There are about four months’ worth of inventory on the market right now.
There is a ton of buyer activity, interest rates are low, and we can get you a good price.
What does this mean to you as a buyer? If you’re thinking about buying a home with an FHA loan and you’re comfortable with a $1,300-a-month payment that includes your taxes and insurance, right now you can afford around $205,000 for a home. If rates go up 1%, which they are expected to do, you will only be able to afford a $190,000 house. Ask us for more info about our lock and shop program if you plan on buying a home in the next two months.
If you’re a seller, I’m telling you to put your home on the market now while it’s great. There is a ton of buyer activity, interest rates are still low, and we know we can get you a good price. We don’t know for sure what’s going to happen down the road. Increased competition is coming, which will make it harder to get the price you want.
If you have any questions for me in the meantime about the real estate market or your specific home, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.