Mortgage Interest Rates Rising - Why It’s a Great Time to Buy & Sell
By: Maureen Griffin
Mortgage rates aren’t usually on our financial-ticker, unless we’re looking to buy a house in the near future. And for those who are counting, yes, we have seen rates rise for the eighth week in a row. But now is not the time to fret. Joey Howington, of Cendera Funding in Aledo, says now is the time to get pre-approved and into your new home.
“Using rate data from Freddie Mac and projections from the Mortgage Bankers, we’ll see a rise in rates of 0.42% by the end of the year. On a $250,000 mortgage, waiting until the end of the year may cost you approximately $9,000 in interest over the average note term. It’s a good time to get off the fence!” advises Howington.
There’s the latest on mortgage rates, but what about the supply of available homes in Parker County? Let’s start with inventory - in January 2017 we had 703 homes for sale, January 2018 gave us more selection with 726 homes listed for sale. New listings are also up over last year. According to the North Texas Real Estate Informations Systems Inc. (NTREIS), Parker county saw 258 new home listings in January versus 226 last year. And while there’s still a 3.3 month supply, we’re ramping up to the busiest time of year in real estate - late Spring and Summer.
Unlike the real estate slowdown in national news, Parker County real estate is hot! For homes that are priced right for their market, buyers are seeing them sell fast! Again, don’t worry about being priced out, the NTREIS shows average sales price being up only 4.6% as of January 2018 over January 2017. So if you’re looking to sell your current home to get into one better suited for you, setting a competitive price right out-of-the-gate will work to your advantage. And like Howington has told us before, “​A reputable pre-approval letter verifies to the seller that you’re financially capable of buying the home.”
Next steps? Align yourself with a reputable real estate agent. You deserve a team who will be at your side, from beginning to end, ensuring that your transaction goes smoothly and you are pleased with the results. We want you to understand the importance of being comfortable with your choice of real estate team. Our mission here at The Tara Stark Real Estate Group is to aid you in achieving your real estate objectives, and provide an unparalleled experience. Vowing to maintain integrity and confidentiality, we will help you to realize your vision. We combine our knowledge of the market and the area with our proven expertise to produce results, always with unwavering commitment to our client.
Numbers aside, we know that ​you know when it’s time for you to make the move. If that time is now, we’re ready to help you get off the fence and into the home of your dreams.
