Salesman Jim Weichert
The fall real estate market is here, and it’s already shaping up very nicely. While people don’t typically think of fall as a popular season for real estate, it can actually be one of the best times of year to buy or sell a home. With people back from summer vacation, children returning to school and the busyness of the holidays not yet here, buyers and sellers have more time to devote to a home sale or purchase.
This year in particular, we are still benefiting from incredibly low interest rates. In fact, national averages for a 30-year fixed-rate mortgage are in the 3.4 percent range, making a home purchase more affordable for many. However, prices are going up, so it’s in a buyer’s best interest to move quickly.
Recent market reports are also encouraging. New home sales are skyrocketing! According to the most recent data available, new home sales increased 12.4 percent month over month in July and were at the highest level since October 2007. In addition, the National Association of Realtors (NAR) expects that total existing-home sales this year should be 2.8 percent higher than in 2015, and wind up at the highest level since 2006. Already, the most recent NAR report on pending home sales showed the second-highest reading in over a decade.