Spring Housing Market
As the hearts of Realtors turn to spring ( Housing market that is) we are wondering if the real estate market will be a good one.At the end of the last year the market has slowed compared to last year. The number of homes on the market have been lower and those homes that were listed were on the market a little bit longer than in the past. But in recent NAR surveys an increase in foot traffic has been reported during Open Houses. And the number of consumers applying for mortgages has been on a steady rise. Due to mortgage rates dropping so far this year to a low of approx. 4.5 % so far for a 30 year fixed rate it means a few things. First is that on average a home buyer can save about $100 per month on their mortgage , 2) unless home inventory increases there will be more multiple offers on homes. Lastly people that have been sitting on the fence . Lastly those that have been sitting on the fence to list their home may decide that it's a good time to sell. Maybe they have become Empty-nesters or they just want to downsize. If you're thinking of buying or selling, please give me a call at (215) 606-7157 or firstname.lastname@example.org.