We’re halfway through the year, so it’s a good time to give you an update on the real estate market. Here’s what you need to know.
Thinking of buying a home? Search the local MLS here.
Thinking of selling your home? Get a home valuation here.
Want to see our inventory of homes? View our listings here.
Now that we’re past the midway point of the year, let’s take a look back and figure out what’s happening in our real estate market.
Supply in our area remains low and a recent survey suggested that there will be more inventory entering the market because of the high demand.
Since December of 2015, the Federal Reserve has raised interest rates eight different times. However, today the average rate for a 30-year conforming or 30-year high-balance loan is 3.875%, and the average for FHA and VA loans is 3.5%. Did you know that the difference between a 4% and a 5% mortgage on a 30-year mortgage is over $100,000 when it’s all said and done? As you can see, it’s extremely advantageous to lock in a rate while it’s low.
As far as employment is concerned, we’re well below the 3.7% national average. Our average, between 2.1% and 2.9%, technically means our area is fully employed.
Finally, the housing affordability index is sitting at 152.3%. This basically means that the median family income is strong enough for everyone to afford 1.5 homes. Things are looking really good for our market so far in 2019. It’s a great time to buy, sell, or invest if you’ve been on the fence lately. If you have any questions for me or would like to get the process started, don’t hesitate to give us a call or send us an email today. We look forward to hearing from you soon.