Buyers And Sellers Are "Winning"
This time of year I’m promoting home listings for the fact that there are advantages to selling during the holiday season. Lenders are not as busy, making the approval and lending process quicker for buyers. Appraisers and home inspectors are generally not as busy so the timeline to sell your home goes much smoother. It’s a great time for marketing with all the holiday décor and smells, fresh baked goods and spiced candle scents.
Mortgage rates dropped again on Monday, November 23rd, so homebuyers still have the opportunity to lock in historical low rates. Housing inventory is limited so sellers are getting top dollar for their homes. Lower interest rates compensate for higher prices and buyers are keeping an eye out to see when new listings are for sale.
The average 30-year mortgage rate is currently 2.814%. A loan at the current average rate would cost you a monthly payment of about $412 for every $100,000 borrowed. On a 20-year mortgage, the rate is 2.660% with a monthly payment of approximately $538 per month for every $100,000 borrowed. If you can swing a 15-year loan term, you will save substantially on the total interest owed. Rates are at 2.349% so your payment would be around $660 per $100,000 borrowed. Note: Interest can change every day so numbers may be slightly off and these are average rates. Depending on credit and financing, you could be eligible for a lower interest rate or higher than average.
Buyers and sellers are both “winning” in the current real estate market, any way you want to look at it. Sellers are getting top dollar for their homes, and although, the inventory on the market is low, buyers are paying a lot less interest which makes up for prices. If your market is hot, it probably doesn’t matter when you list your home. Housing sales are still going to stay active. If holiday decorating is your forte, you might want to showcase your home in all it’s splendor and take advantage of the holiday market. In any case, whether buying or selling real estate, enjoy the holiday season with your family and friends. Take time to slow down and enjoy life. The real estate market will still be here and rockin’ into the year to come. Be thankful and grateful. Happy Thanksgiving!