Mark's Market Update - Updates on Interest Rates and Inventory Levels
Welcome to another edition of Mark's Market Update. Over the last few weeks we have been discussing 2 key drivers of the real estate market. 1) Interest Rates and 2) Inventory Levels. Good news that interest rates, which had been climbing over the last month, have stabilized this past week. A 30 year loan is approximately 4.5%, which is consistent with last week's rates. We have seen a slight increase in inventory levels, which is great news for buyers and will have little impact on existing homes, as the uptick was only a small percentage. However, some great new homes came on the market this week and we would expect to see multiple contracts and some selling for over asking price. We would expect to continue to see great homes coming on the market over the next month, although we are just not sure of the quantity. If you have any questions about, buying, selling or investing, please call, email or text.
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