Local Real Estate Market Update – April 2018

Inventory is still low!  The colder weather appears to be holding back the spring market. Yet, there are qualified buyers still lined up to buy.  Nice homes that are priced right are selling in a matter of seconds with multiple offers.
 
For buyers, rates have gone up overall this year and are now holding around 4.25 to 4.5.
 

• The average 30-year fixed-mortgage rate is 4.27 percent. A month ago, the average rate on a 30-year fixed mortgage was higher, at 4.30 percent.
• The average 15-year fixed-mortgage rate is 3.69 percent.

So, if you are a buyer, now is a great time to buy, while interest rates are still low!  Just a small increase in the rate can mean a higher mortgage payment.  Why not save that money, or better yet, use it and pay a little more money each month towards the principal of the loan and get it paid off early!
 
​If you are thinking about selling, our next home selling seminar will be on May 17, at the Lower Southampton Library at 6:30.