Interest Rates Hit New 12 Month Low!

Article Courtesy of Keeping Current Matters/The KCM Blog

According to Freddie Mac’s Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at their lowest for 2019. Rates like these haven’t been seen since February 2018!
Last week’s survey results reported an interest rate of 4.35%. This is a welcome change from the near 5% rates seen in mid-November. At 4.32%, the second week of February 2018 was the last time rates were this low. This can be seen in the chart below.

Freddie Mac’s Chief Economist, Sam Khater, had this to say:

“Mortgage rates fell for the third consecutive week, continuing the general downward trend that began late last year.
Wages are growing on par with home prices for the first time in years, and with more inventory available, spring home sales should help the market begin to recover from the malaise of the last few months.”

Bottom Line

If you plan on buying a home this spring, meet with a local real estate professional who can help prepare you for today’s market before rates increase!

Short Closings Can Happen!

While we typically look at 30- to 45-day closings when there is a loan involved, it IS possible for a faster closing.  I am delighted to share that a recent offer by one of my clients closed in 19 days!  Not every lender can get you through the process that quickly, but with some it can be done.  The key to making it work is GETTING ALL REQUESTED DOCUMENTS TO THE LENDER AND CLOSING ATTORNEY IMMEDIATELY.  Any delay on your part will slow down the process.  Of course, there can be reasons that a Seller can't close that quickly, but that's a different topic.  When a home is vacant, Sellers are usually happy to get it closed quickly.    

Thank you to Melissa Messick, Senior Loan Officer at Movement Mortgage, for sharing the following information.  Please contact me if you would like a pdf copy.

WHAT KIND OF MARKET ARE WE IN?

Home Inventory Determines What Kind of Market We Are In
Months of supply is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. For example, if there are 50 homes on the market and 10 homes selling each month, there is a 5 month supply of homes for sale.

• Less than 6 months of inventory = Seller's Market with upward pressure on prices
• More than 6 months of inventory = Buyer's Market with downward pressure on prices

Thinking of Selling Your House? This is the Perfect Time!

Article Courtesy of Keeping Current Matters/The KCM Blog

It is common knowledge that a great number of homes sell during the spring buying season. For that reason, many homeowners hold off putting their homes on the market until then. The question is whether or not that is a good strategy this year.

The other listings that come out in the spring will represent increased competition to any seller. Do a greater number of homes actually come to the market during this season in comparison to the rest of the year? The National Association of Realtors (NAR) recently revealed the months during which most people listed their homes for sale in 2018. This graphic shows the results:

The three months in the second quarter of the year (represented in red) are consistently the most popular months for sellers to list their homes on the market. Last year, the number of homes available for sale in January was 1,520,000.

That number spiked to 1,870,000 by May!

What does this mean to you?

With the national job situation improving and mortgage interest rates projected to rise later in the year, buyers are not waiting until the spring; they are out looking for homes right now.

Bottom Line

If you are looking to sell this year, waiting until the spring to list your home means you will have the greatest competition amongst buyers. Beat the rush of housing inventory that will enter the market and list your home today!

SCCL SALES STATS & CURRENT LISTINGS - 2/10/19

SCCL Stats are updated regularly... Use the links below or the tabs at the top of this page to check in frequently for the most current information. 

ACTIVE / UNDER CONTRACT / SOLD YTD

to view all currently Active, Under Contact, 
and Sold (Year-to-Date) listings in Sun City Carolina Lakes.  

UP-TO-DATE STATS FOR SCCL
to view the most current sales stats for New Listings, # of Homes for Sale, 

Pending Sales, Closed Sales, Average Days on Market, Months Supply of Homes for Sale, Average Days List to Close, and Average Percent of Original Price. 

Includes interactive graphs with monthly data going back to 2015.

The following information is current as of 2/10/19.

UP-TO-DATE STATS FOR SCCL