My short answer is “No”. Last year saw mortgage interest rates hit historic lows, but this week we are seeing a small increase with the average for a 30-year fixed mortgage at 3.14%. Obviously, higher rates mean you pay more for a home both monthly and in the long term, and in a balanced market this might begin to slow demand. However, inventory is so low it is doubtful rising rates will have a major slowing effect.
As the year progresses interest rates are expected to continue to rise...
LOL! What the heck is “normal”? Here’s an update as of August 30 to give you an idea about how the market is trending.
To put it simply, the San Diego County market is still hot with prices increasing and supply dwindling. In August, the median price for a detached home rose to (gulp) $850,000. That is 15% higher than the median price one year ago. Not surprisingly, the inventory of homes for sale in August was 39.1% lower than 2020. The number of days on market was also lower with...
Nationally, the first half of 2021 has been a head-spinning, record-breaking year for real estate, but how long can this continue? Here are a few facts I found interesting that should help us all better understand what to expect in the coming months. This is a national snapshot based on figures provided by the National Association of Realtors and Moody’s Analytics.
Have we hit the top of the market? The short answer is maybe. At least we’re seeing signs that it is softening. Recently the...
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