Freddie Mac stated the 30-year mortgage rate averaged 3.75% the week ending July 25, 2019. Interest rates have been staying pretty flat this summer (3.82% as of June 6, 2019). The 15-year rate went from a June 3.28% rate to 3.18% last week.
Many are expecting the Fed to lower the Federal Reserve rate (from 2.5% to 2.25%) at the next meeting on July 31, 2019.
Is it still a smart move to sell the house now? Here are some thoughts if you are debating whether to sell your home.
With the low rates right now buyers have more buying powers for a home that they could not qualify for a year ago. Some buyers had stopped shopping for a home last year, as there were multiple offers on all the homes on the market, driving the prices up.
There are many more homes available for buyers compared with a year ago. It is now common to see homes selling between 30 – 45 days after they are listed. Some homes are still getting multiple offers because of the desirable location, layouts, etc.
A Few things to keep in mind; a well presented home with a clean and simple presented interior and nicely maintained yard is always more desirable than a cluttered home.
The offer and acceptance are just the beginning of the process. Most home sales will have contingencies, such as, inspections, appraisal, and loan contingencies. Depending on how well you maintained your home, the buyers may request repairs, or closing costs before the sale can go through.
Every location is a bit different. If you are planning to sell your home give me a call (925) 216-3618, and speak with me first to find out specific details about the current housing market in your neighborhood.