Real Estate 1st Quarter 2016
The Elgin and Pilar Walker Team
A real quick look at the first quarter of 2016 in REAL ESTATE! Yes I said first quarter of 2016! Can you believe it is already EASTER TIME! Whoa I remember when I was a young man (kid) in school, it appeared the year would drag and drag on by. As an adult (old) seems like the year changes faster than I can remember to put the proper date on a check! YES I STILL USE CHECKS…..OLD SCHOOL!
The year started off with news of the Federal reserve raising interest rates and the anticipation the rates would have an immediate effect on real estate sales and overall health of the market. Funny thing, it did have an affect but I don’t think the type we expected.
Although we got some good ecomonically news overall, the STOCK MARKET did not like the Federal Reserves “TONE” along with some things going on out of the USA, it started to sell -off (by the way if you hadn’t noticed at the time of this writing it is almost back to all time highs). This (in my opinion) has had an influence on the ACTUAL interest rate we the consumer get for our home (and other) loans. The interest rates stayed steady and in some cases REDUCED to lower rates!
In the areas I sell real estate there are still fewer homes on the market and the buyers are plentiful. A lot of buyers are trying to purchase NOW because interest rates rising at some point is no longer a threat……..IT IS A REALITY! That has caused a frenzy of buying activity in the market place! What is my advice to buyers and sellers right now?
Sellers this is a time that is you are SERIOUS about selling your home either to move up, move down or whatever. You should really consider it. There is such a high demand right now You will have the opportunity to dictate (within reason of course) price, terms of your sale.
Buyers it is a great time for you to purchase as well. WHY? The interest rates are still in your favor. REMEMBER it is not about how much pay or dont pay for your home. It is about WHAT YOUR MONTHLY PAYMENT IS and with rates this low, your monthly payment (in most cases) is still LOWER OR COMPARABLE to what you will pay in rent!
Elgin Walker 661.290.3781 bre#00994498