According to Freddie Mac data, the 30-year fixed-rate average rate is 3.49 percent with an average 0.7 point. (Points are fees paid to a lender equal to 1 percent of the loan amount and are in addition to the interest rate). It was 4.37 percent a year ago. Interest rates head toward 39 months low which definitely make the real estate market hot and busy during the cold weather months this year. Buyers actively looking right now. House inventory continues to be low which is why homes are selling at a faster rate than usual for this time of year. The most asked questions just to name a few:
“Would house prices continue to rise?”
“Would interest rates continue to decrease?”
“Should we wait? Look like we are going to have a recession soon?”
“How Corona Virus affect the market?”
I’m going to write articles and create video blogs discussing more about those topics. In this short market report, I just want to show you how the real estate market look like as of January 2020.
As sellers, you might want to move up your timeline for listing this year. Listing now will help your home stand out!
As buyers, you might want to get in before Spring hits, if it is busy now you can imagine what Spring will be like!