What’s New in Our Market? What’s happening in our mid-June real estate market? Things have been changing rapidly, so we want to keep you updated.
Compared to June 2019, we have 27% fewer homes on the market, which is good for keeping prices stable. Our pending sales are on track to reach 310 by the end of the month if we keep up at our current pace. That’s 26% more houses going into escrow with 24% fewer houses available. If this continues, home prices will increase.
Interest rates are currently unbelievable. I am refinancing my house right now, and I just got a 30-year fixed mortgage for a rate of 3%. For buyers, this means that if you were to have gotten a loan a year ago for $500,000, you could buy a $575,000 home today for the same monthly payment. That’s $75,000 more purchasing power than buyers had a year ago. If this persists, our market will remain strong.
The number of people contacting us wanting to buy, search for a home, and move to the area has gone up exponentially. Houses that had been sitting on the market for a while are now seeing multiple offers. In the last week, I sold two such properties, one of which sold for over list price. Buyers are out and about, and they’re taking advantage of the interest rates.
If you’re wondering how this could benefit you or have any questions, give us a call at (805) 781-3750 or send us an email. We would love to help you.
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