INTEREST RATES VS. HOME VALUES!
We believe there is a direct correlation between interest rates dropping at the start of this year to the affect on the average sales prices we are seeing today in our local market. We find it extremely important to analyze the market and be educated on potential future outcomes so that we can best counsel our clients who trust us to sell their homes.
Currently, per data that we acquired through MacroTrends.NET, the 30-year mortgage interest rate is at 3.73%. Just to put things in perspective, interest rates were at 4.46% in January of this year. So, rates have declined almost ¾ of a percent downward since the start of the year. This goes to show the unpredictability of the market. At the end of 2018, the economic outlook was that rates were going to increase, therefore creating a turbulent market, however that is the complete opposite of what took place.
Look at the numbers directly from SoCAL MLS reports looking in the South East Los Angeles County area. The average sales price in January of 2019 was $608,515 versus $647,108 for the month of march. That’s an almost 6% increase in home values and we’re only half way through the year.
If you’re thinking of getting your home sold:
#1. Make sure you hire the best team to get you all that your home is worth in today’s market.
#2. Don’t wait any longer. Now is the best time, while interest rates are low and buyers can afford to pay top dollar for your home.
INTEREST RATES VS. HOME VALUES!
We believe there is a direct correlation between interest rates dropping at the start of this year to the affect on the average sales prices we are seeing today in our local market. We find it extremely important to analyze the market and be educated on potential future outcomes so that we can best counsel our clients who trust us to sell their homes.
Currently, per data that we acquired through MacroTrends.NET, the 30-year mortgage interest rate is at 3.73%. Just to put things in perspective, interest rates were at 4.46% in January of this year. So, rates have declined almost ¾ of a percent downward since the start of the year. This goes to show the unpredictability of the market. At the end of 2018, the economic outlook was that rates were going to increase, therefore creating a turbulent market, however that is the complete opposite of what took place.
Look at the numbers directly from SoCAL MLS reports looking in the South East Los Angeles County area. The average sales price in January of 2019 was $608,515 versus $647,108 for the month of march. That’s an almost 6% increase in home values and we’re only half way through the year.
If you’re thinking of getting your home sold:
#1. Make sure you hire the best team to get you all that your home is worth in today’s market.
#2. Don’t wait any longer. Now is the best time, while interest rates are low and buyers can afford to pay top dollar for your home.
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