It has been a very busy summer, which is why I haven’t been able to make as many video blog posts as I’d like. Today, though, I did have some time to prepare a short update to catch you up on what’s been happening in our local market.
As of July 2019, there were 2.8% more sales in our area than there were in June, and there were 1.2% more sales year over year.
What’s the reason behind these increases?
It’s actually really simple: At this time last year, interest rates were at 4.5%. This year, however, they’re at 3.7%. That’s a big difference that’s nudging the real estate market up higher.
Remember that the number of units sold precedes home prices, meaning that if we’re selling more homes, prices will go up. And that’s exactly what happened—home prices this year were 12% higher than they were around the same time last year.
What does this mean for buyers and sellers in the market?
Well, if you’re thinking about selling your property, now is a very good time to do it.
If you’re thinking of buying a home, you might have to spend a little more on the house, but you’ll also get a really good interest rate to help balance things out.
For any questions you have about the market or about buying/selling real estate, don’t hesitate to reach out to me. I’d love to hear from you.