Fall is little more than a couple of weeks away, with some promising signs for real estate in our area.
The main headline is that mortgage rates recently dropped and are currently at the lowest level they've been in over a year (6.5% for a 30-year home loan). Many experts are predicting that they should hold around this level for the rest of the year.
Inventory of available homes for sale is almost 25% higher than a year ago, which means that buyers have a good deal more choice than for some time.
The combination of these two key factors is very promising for buyer sentiment. While inventory has been rising for some time, there has been a reluctance among many buyers, largely due to mortgage rates. However the news of the lowest rates than at any time in the past year is bound to improve sentiment.
Looking at last month's local market statistics, pending listings were over 31% higher than August 2024, again pointing to more buyer enthusiasm.
It all sets up a potentially exciting period ahead, at a time when we see some of the keenest, most focused buyers in the annual cycle.
Contact us at 435-327-2090 for an informal chat about prospects for the coming weeks, related to your specific needs and situation.
