Mark's Market Update: Interest Rates are Marching Low!
Welcome to another edition of Mark's Maket Update great news for buyers this week, interest rates hit 4%! We were just talking 5-5 1/4 3 to 4 months ago, so its amazing that we've been talking about interest rates potentially raising and yet they've fallen almost to 4%. Increase buying power for our buyers so that's great news. However, when we talk about inventory levels that's where it really becomes a seller's market - so if we look at overall inventory levels, they are a little higher today than they were this time last year but the biggest difference is new listings as a percent of the active inventory. New Listings, meaning new product coming on the market over the last 30 days, is actually significantly reduced so last year this time 70% of all active listings were new, meaning new properties on the market in the last 30 days, while this year only 50% of all active inventory is new properties on the market. That's great for sellers that have their homes on the market, that have been on the market for a few months, or even we are seeing homes that have been on the market 3,4,8+ months selling today and many of them with multiple contracts. That's really a function of supply and demand. So from a selling perspective it is a great time to sell, whether your home's currently on the market be patient, or if you have not put your home on the market, get it on the Market. If you are a buyer, be patient. If you have any questions about inventory levels, if you have any questions about the value of your home, interest rates or other - don't hesitate to call, email or text! Again seller's get your home on the Market, buyers be patient there are going to be homes, its not just as many as last year. Thank you so much and have a fantastic day!
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