How are interest rates impacting our current market?
They’ve been increasing slowly lately, and we’re above the 4% mark now. It’s hard to complain, though, since they were so low for such a long time, and it’s predicted that they won’t be that low again for a while.
For the rest of 2018, rates are expected to rise even further into the high 4% range. This means a lot of sellers have been looking at their current interest rate and thinking about refinancing. Any seller who’s considering refinancing is probably staying where they’re at, and this trend has created a shortage of inventory in our market, both locally and nationwide. As you can see in the graph in the video, our year-to-date inventory is the lowest it’s been in the last decade.
If you’re a buyer, the current situation might be a bit of a struggle. There aren’t very many homes to choose from, and in some price points, multiple offer situations are common. If you’re a seller, you might be able to get more money that you thought you could for your home sale right now.
As spring progresses, the inventory situation will hopefully get better. In the meantime, if you have any questions about our market or you’re thinking of buying or selling a home, don’t hesitate to give me a call or shoot me an email.
I’d love to help!