National, South Sales Up!
Not only are sales up across the nation, but they are up in the south 11.7%. As I mentioned in my Market Update yesterday, prices are bound to go up with the shortage of inventory both locally and nationally. This is already evident in this report showing Prices Up 9.3% from the same month, March, last year!
Potential sellers should strongly consider taking advantage of this situation. Expectations are solid for 2015 as Freddie Mac shared in their recent report:
“Due to strong growth, we are expecting house prices to increase 4.0 percent in 2015.”
Buyers are definitely looking to take advantage of the situation as demand is strong given that interest rates are projected to rise as well as prices over the course of 2015. Freddie Mac had this to share on rates:
“However, by the end of the year long-term interest rates should only increase modestly, ending the year at about 4.3 percent for the 30-year fixed rate mortgage.”
Note: Freddie Mac worded this as being not that crucial. However, a 4.3% mortgage rate is about a .75 increase over current rates.
Contact me me now to discuss how you can take advantage of this solid win-win situation for sellers and buyers! Discover the Boutique Real Estate Service Difference!