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Today, we’re here with a brief market update in the Central Valley market. Compared to last year, inventory is incredibly low. There aren’t many choices for buyers right now, so the good homes that come on the market get snapped up right away.
Why are there still so many buyers on the market, then, if there aren’t any homes available? Interest rates are historically low. At the end of 2015, the Fed raised their rate by 0.25% However, in our market rates are at 3.75% for a 30-year fixed mortgage, and buyers want to take advantage of these phenomenally low rates.
If you’re interested in selling, we need new listings to come on the market. We have pre-approved buyers waiting in the wings. The market is on fire right now thanks to these buyers, but they need more options. That’s why it’s an opportune time if you’ve been thinking about selling your home.
If you have any questions, give us a call or send us an email. We would be happy to help you!
