Author: Ryan Schramm

November’s Market Update

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Do you guys remember the Miss America beauty pageant? Today’s real estate market looks just like that. Buyers are sizing up houses based on condition, presentation, and what they are getting for their money.

Why is that? Interest rates are low and money is cheap. Buyers don’t want to spend their cash savings to remodel a house when they can purchase a home that is complete and ready to move in.

Homes being listed that are remodeled are selling very quickly and for great prices. Homes that haven’t been updated for a while or are priced too high are sitting much longer on the market.

To sum it up, the market isn’t slowing down and home values are not declining. Buyers are just more in tune with the market than they ever have been before.

Inventory is low and there isn’t a lot out there to choose from. For those of you who have thoughts of selling, this is a great time for you to get your home on the market. Let’s just make sure your home shows like it’s ready for a beauty pageant.

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We are seeing a major refinancing boom! With interest rates at three-year lows, many of us are taking advantage of this time to refinance old loans or cash out for property improvements.

If you are going to refinance, an appraiser will come out and give you a new valuation of your property. I often hear from my clients that they didn’t get the value they wanted when the appraisal came back. There is a simple reason for that. 

When you refinance, the appraiser does not know the number you want or need to make the numbers work for your situation. They will work their calculations and provide a conservative value of your home. To better the chances of getting the valuation you need, give me a call and I will meet your appraiser for you and supply them with comparable sales in your neighborhood. 

If you have any questions, I am always available. Shoot me a text or reply to this email. I would love to hear from you!

August’s Market Update

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Did you hear the news? The Federal Reserve decided to lower short term interest rates – the first cut since the 2008 financial crisis. This is great for our economy, but what does it mean for mortgage rates?

In short, a drop in short term rates will not have a huge impact on mortgage rates that are already at historic lows. If you’re thinking about refinancing or purchasing a new home, now is the time to make a move and lock in your rate. 

Analyzing July’s market statistics, we saw an increase in housing inventory creating a more balanced market. Homes are sitting a little longer, but we aren’t in a buyer’s market just yet. Take a look at the market stats below. 

July Market Overview
115 New Listings
98 Sold Listings 
43 Average Days on Market
4 Months of Inventory

Thank you for joining me for this month’s market update. If you have any questions on how this may affect your purchase or sale, give me a call or shoot me a text. I look forward to talking to you.

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