Watch on your mobile device >>
In the local area market, we’re keeping an eye on two late spring developments in the real estate market:
- Improving home values and buyer activity
- Interest rates that are creeping higher
Nationally, homes sales are up about 10
percent. Locally, we’ve increased by about 2 percent. Maybe 2
percent doesn’t sound great in comparison to 10, but truthfully,
that figure is great. Buyer activity is skyrocketing, and home values
are slowly rising.
Higher Interest Rates Coming?
If you are looking to buy or sell, we advise you to keep an eye on interest rates. Ten-year Treasury bond notes spiked in late May. This has triggered mortgage interest rates to climb.
If you are looking to buy or sell, we advise you to keep an eye on interest rates. Ten-year Treasury bond notes spiked in late May. This has triggered mortgage interest rates to climb.
In May alone, we’ve seen 15-year
mortgage interest rates rise from 2.5 to 3.25 percent. And 30-year
mortgage loans are approaching 4 percent.
Sure, interest rates are still great,
but they are not as good as they were. And we suspect that they will
continue to rise slightly. If rates go up too much, we likely will
see a slight correction downward in home prices.
This means that if you’re looking to
buy or sell, now is a good time before interest rates increase and
home prices have the potential to decline.
The Around Town Team (203) 727-8621 andysachs@cbmoves.com
