Is our market entering a cooling period? Let’s discuss.
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It seems like our market has been losing some momentum of late, but is it? Well, we’re receiving mixed signals, so the answer is not so clear cut.
To get a better idea of what’s going on, let’s compare July’s market stats to this month’s numbers:
Between the end of July and now, pending and closed sales actually increased by 2.5% and 4.5%, respectively. Less encouraging is the fact that new listings have gone down by about 1.5%.
Now, if we compare the year-over-year numbers for the first seven months of 2019, we see some definite signs of cooling. For example, pending sales have fallen 6.3% year over year and closed sales are down 7% compared to this time last year. New listings have also seen a year-over-year dropoff—almost 8.5%.
Do these numbers give at least some indication that the market is cooling?
The short answer is yes, which will likely come as a welcome change for buyers currently occupying the fence. But there’s more good news: Just a few days ago, the 30-year rate for buyers with good credit dropped to 3.5%—the lowest it’s ever been! Meanwhile, the 15-year rate dropped 3%. Obviously, this is fantastic news for buyers, but it’s equally good for sellers. Since we don’t have a crystal ball that allows us to see into the future, we can never be too certain of what’s to come, but I can predict with some certainty that interest rates can’t fall any further. And when it comes to rates, a win for buyers is a win for sellers. This is a golden moment in our market, so don’t let it pass you by! If you have any questions or if you'd like to discuss your opportunities in today’s market, please feel free to give me a call at 541-554-5825 or you can send me an email at GaryRaze@Remax.net. I hope to hear from you soon!
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And when it comes to interest rates, a win for buyers is a win for sellers.
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And when it comes to interest rates, a win for buyers is a win for sellers.
Do these numbers give at least some indication that the market is cooling?
The short answer is yes, which will likely come as a welcome change for buyers currently occupying the fence. But there’s more good news: Just a few days ago, the 30-year rate for buyers with good credit dropped to 3.5%—the lowest it’s ever been! Meanwhile, the 15-year rate dropped 3%. Obviously, this is fantastic news for buyers, but it’s equally good for sellers. Since we don’t have a crystal ball that allows us to see into the future, we can never be too certain of what’s to come, but I can predict with some certainty that interest rates can’t fall any further. And when it comes to rates, a win for buyers is a win for sellers. This is a golden moment in our market, so don’t let it pass you by! If you have any questions or if you'd like to discuss your opportunities in today’s market, please feel free to give me a call at 541-554-5825 or you can send me an email at GaryRaze@Remax.net. I hope to hear from you soon!
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