📸Mᴀʀᴋᴇᴛ Sɴᴀᴘsʜᴏᴛ Jᴀɴᴜᴀʀʏ 2020📸
𝗟𝗼𝘄 𝗶𝗻𝘃𝗲𝗻𝘁𝗼𝗿𝘆 - 𝗟𝗼𝘄 𝗿𝗮𝘁𝗲𝘀 - 𝗟𝗼𝘄 𝘀𝗻𝗼𝘄 𝗳𝗮𝗹𝗹
All of the above is making for an interesting real estate market. Spring market in January?
➡️Interest rates are averaging at a new 3 year low with 30 yr fixed rates averaging at 3.43% Down more than 1% from this time last year. (according to mortgage news daily).
➡️Even if you’re a homeowner not looking to make a move, it’s a perfect time for a mortgage check-up to see if refinancing with the current rates can save you money every month OR reduce the term on your loan.
➡️Inventory is at an all time low which is slowing overall sales but increasing competition for newly listed property. This is causing some would-be sellers to hold off listing their homes, further adding to the drought of homes for sale.
➡️The lack of snowfall is enticing a lot of buyers to begin their “spring” home search earlier than usual. Pair the weather and the low rates together and we are seeing an earlier than usual spring real estate market.
➡️Multiple buyers often bidding for the same property. So, if you’re a buyer, you’ll want to have your mortgage pre-approval ready to go. This means updating your approval if it hasn’t been updated in the last 90 days and/or if anything has changed since you were pre-approved last.
If you'd like more specific information on the current state of the real estate market or on your specific area, please fill out the information at the bottom of the page and we'll be in touch.