How Low Can They Go?
As quickly as they shot up, mortgage rates have fallen back down, enticing more buyers back into the real estate market. Rates are now at their lowest level since January of 2018, when 30-year mortgage loans peaked just below 5%. As of the time of drafting of this newsletter, local lenders are offering 30 year rates as low as 4%. On a $300,000 loan, that means your payment each month would be $178.00 lower than on a loan obtained at the beginning of last year. As we say in Wisconsin, “That’s some serious cheese!”
As reported to you last month, year over year inventories remain higher, now for the 7th month in a row, which is good news for buyers. It is possible, however, that our above average precipitation this winter, much of that in the form of February snowfalls, may have contributed to part of that rise in inventory by keeping buyers indoors. Now that weather and interest rates have moderated, we are seeing sales ramp up at a faster pace than inventory, which will soon put additional upward pressure on prices.
As a home buyer, you want your offer to stand out as the best offer. The easiest way to start is by having one of our concierge lenders (RestainoHomes.com/concierge.php) get you Pre-Approved for your home loan. We can help you do this at no cost. Next, we can provide you with a no-cost, automatic home search that will send you new listings by every company in the South Central Wisconsin MLS – 24 hours a day, seven days a week. This type of immediate notification is critical to let you know of homes that match your dreams before they slip away. Finally, we will guide you through the process from showing to writing your offer to arriving at the closing table, efficiently and professionally…the type of advocate you need in today’s fast-paced real estate market.
As a home seller, you want your home to stand out from others on the market. Our trained agents can help with a no-cost preliminary walk-through to help you identify everything from staging and lighting techniques to the dreaded, “We have to thin this out” discussion. 99% of all buyers will have their first interaction with your home on a computer screen or smartphone. Let us help you give your home its best first impression possible. And if you are a home seller looking to move up, what better time to do it than when interest rates have dropped back down? We are ready to go to work for you right now.
At Restaino & Associates, we pride ourselves in many decades of serving Buyer’s and Seller’s needs in real estate. We respect and appreciate the trust you place in us and work to earn that trust every day. Thank you for making us your Realtor of choice.