The housing market continues to be buoyant, and it remains a seller's market with record low inventory on the Eastside. But there's good news for buyers too – which hopefully will encourage on-the-fence sellers to go live with listing.
Last week's news from the Fed that they wouldn't raise interest rates immediately led to a drop in mortgate rates. For a few days it was a little volatile, with rates bouncing around a little. Those making a loan application, were faced with the tough decision of when, or indeed if they should lock in a rate.
Following a few days of volatility, mortage rates seem to have got back on track with most lenders offering rates between 3.875%-4.0%. This is great news for buyers,and encouraging for sellers too.
Read more from the experts at Mortgage News Daily at http://www.mortgagenewsdaily.com/consumer_rates/513918.aspx
More good news for buyers: economists are predicting that the current 10-15% increase in property values will level out to a more sustainable 7- 8%.
In a perfect world, these two factors combined will continue to give us a strong housing market, but one that is a little more balanced. Sellers will continue to see their property values rise, buyers continue to get a great deal on mortgages and, all being well, inventory will rise, taking the pressure of both buyers and would-be sellers. I'm excited to see how the next 3-6 months play out.