Tuesday, November 19, 2013

Interest rates dip, supply up, it's a buyer's market

Home sales are up from a year ago, according to seasonally adjusted numbers, and prices are also up from a year ago, according to Keller Williams Real Estate statistics.
The increased sales prices are a good sign for sellers looking to list their homes. Combined with a recent dip in interest rates to 4.13 percent on a 30-year fixed rate a window of opportunity has opened for buyers who watched interest rates climb since spring.
Currently Freddie Mac reports rates at a fixed 4.13 percent for a 30-year mortgage and a 15-year fixed rate of 3.24 percent.
Although it's still higher than a year ago, the median existing home price dropped to $199,200 from $213,500 in July as the seasonal trend of price reductions continued through the fall months.
Inventory levels held steady this fall, as the dip in buyer activity brought the supply up slightly, which also accounted for a lower price trend over the past 5 months - an increase in supply and lower demand resulting in lower home prices.
Sellers can take heart that their home is worth more than it was last year, and buyers have an opportunity to take advantage of a seasonal stall in price increases as well as a low interest rate to find the home they are looking for.

-Ralph Bartholdt

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