Why You Shouldn’t Wait to Buy—Proof in April’s Numbers

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How was the April 2018 real estate market? Let’s take a look at the numbers, compare them to 2017’s numbers, and discuss why right now is a great time to buy and sell.

In April 2018, we had 10,674 homes come on the market compared to 10,518 last year. That is a 1.4% increase. Active inventory was 20,218 homes this year. Meanwhile, last year there were 21,678. This is a 6.8% decrease in the number of active listings.

There were more total sales this year than last. The total sales numbered 9,162 compared to last year’s 8,828. That is a 3.7% increase in the number of homes sold.

The month’s supply of inventory has dropped again. We were looking at 2.46 last year while this year it is only 2.21. What do all these numbers mean? Well, basically, we are looking at fewer homes on the market for sale, but more homes are selling.

Interest rates have been going up. The National average is currently at about a 4.5% on a 30-year fixed mortgage. For a 15-year mortgage, the rate is at about 4%.

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We are looking at fewer homes on the market for sale, but more homes are selling.

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Buyers are purchasing now because they have been watching rates go up over the last six to nine months. They realize that as prices continue to rise because we have limited inventory and rates continue to rise, payments are rising. They must make the decision whether they get involved not or wait, and risk being priced out of the market.

If you have never bought a home and are looking to buy now, lock the rate now. If rates should drop in the future, you can always refinance. If rates continue to escalate, you will have your rate locked in so that your payment is set.

If you are in a home now and you are considering trading up or down, I would suggest doing it now while we are in a seller’s market. You want to lock in your interest rate, because it determines how much you pay for the home over the next 30 years.

If you have any questions or concerns or want to talk with me about real estate in your area, please call me or send me an email. I look forward to speaking with you soon.