We’ve got a quick market update for you today. The 2nd quarter numbers are in, and we can’t wait to share them with you.
The most interesting trend happening in our market right now is interest rates. At this time last year, rates were at an all-time low of 4.15%. Today, they are even lower. Rates are down to 3.4% on average, and have dropped lower than anyone has expected. If you have a really good credit score, can get a conventional loan, and put some money down, you could even get a 2.5% rate like I recently got one of our clients.
Home prices have gone up just a little bit, about 2%. The overall number of homes sold has gone up about 2.6% at the same time, however. The segment of the market where homes are selling more frequently are the homes in the $200,000 to $300,000 range. Home sales in that price range have gone up by 16% from last year.
If you’re thinking about buying or selling, now is a great time. Interest rates are low, prices are up a bit, and there is a ton of buyer activity. One thing that has been impacting our marketplace recently is the increased number of VA buyers. VA appraisers are a little more strict with their appraisals, which is inhibiting prices from increasing.
If you have any questions for us or you’re thinking about buying or selling, don’t hesitate to reach out. We would love to get a phone call or email from you!