We are still in a consistent market. Consistent means there are few changes up or down and things are moving steadily forward. Appreciation is leveled off between 3-5% per year and inventory is still pretty low.
I listed a nice home last month in the $160K range for a 3 bedroom, 2 bath and was able to get under contract in about 10 days. That is possible because the market is crying out for more to buy and much of what is sitting on the market longer than that has pricing problems or condition problems or both.
I will say too that getting a contract is pretty quick but getting to closing is still a 45-60 day process and there are lots of details that have to be handled to have success at the end of process. Appraisers, inspectors, lenders, buyers, sellers and agents all play a significant part in the drama of buying and selling a house so it keeps us busy.
The data that backs up our impressions of the market are here.
If you compare to a couple of months ago you won’t see a lot of change other than days on market shorter by almost 2 weeks.
A breakdown by price range is here.
It shows our market in Gwinnett county overall is still a sellers market below the $300K range. Over that and we start to see a more balance market and it slides into a buyers market above $350K.
Interest rates have remained very low and are still less than 4% for a 30 year mortgage. That has kept affordability in the best range it has been in for decades.
|MORTGAGE RATES||30-YEAR FIXED||15-year fixed||5/1 ARM||30-year jumbo|
Keep in mind I have great people to work with for loans, inspection and really everything to do with buying, selling or maintaining a house.
If you have specific questions or know anyone looking to buy,sell or just need a referral to someone to help fix something, please call me. I am here to help and would love to meet up for coffee or lunch to discuss what you need.
Thanks for listening,
- We Need You(r House)!
- Satisfying Work