By Sean Patrick O'Feery, July 20, 2018
Here are a few of conditions to our market that are influencing factors.
- Our market is starting to balance out in pricing. We are not seeing those big jumps ahead in pricing a house for sale this summer.
- Interest rates on a 30 yr fixed rate loan have gone from the high 3’s and mid 4’s just 6-8 months ago, to the current rate of 5 or 5.1% after APR.
- I know that going from 4% to 5% on a loan is only a 1% shift, but for buyers this change has the effect of up to a 20% shift upward in their monthly payment.
- The list price of a house is important, but the monthly payment is what we live with and how we decide what we can afford.
- There is a slow uptick in inventory of homes for sale.
- There are still more buyers than sellers for certain, but the influence of interest rates and increasing inventory has meant that sellers have to do a bit more in the prep for the sale. Those houses with ‘so much potential’ are being skipped over for a bright and shiny house with fresh paint, re-freshed landscaping, professional staging and a great listing agent.
If you would like genuine, focused and sincere representation in the sale or purchase of your next home please call or email, providing excellent service has been a long-standing source of pride.
Earth Advantage & ADU Specialist Broker