Our Iron County real estate market has made a strong start to the year.
Buyer sentiment is currently exceptional, following a sustained period of lower mortgage rates to levels we haven't seen for a while.
Indeed, it was recently reported nationally that mortgage applications were up 23.5% at the beginning of the month.
Recent risk aversion in stock markets has had the positive side effect of helping to drive down mortgage rates. There is no certainty in terms of how long this trend will last but, while it does, buyers are wisely taking the opportunity to lock in a low rate.
This is sending an important message to sellers, who would be well advised to list now, rather than later when the situation has changed again.
Last time rates declined, we saw a trend that lasted for several years. However, with an economy in much better shape today there is speculation that the drop in rates may be short-lived.
Therefore if you've been delaying listing until the better weather arrives, be advised that buyers aren't waiting for these conditions and are rightly taking advantage of the current situation.
Why not contact us today to discuss your best options.