The pandemic has had some surprising effects on every aspect of our lives. One impact that we probably could not have foreseen is the way the real estate market has been affected.
In order to bolster the economy, the Fed dropped interest rates and indicated that the rates would likely stay low through the end of 2021. This has led to shockingly low mortgage rates. According to Freddie Mac, the average rate on a 30-year fixed mortgage has hit a new all-time low—the 14th one of the year.
Unfortunately, these amazing rates are hitting at a time when there are fewer homes on the market. This has made it harder for excited buyers to find a home. For sellers, this has been a boon. Homes are selling more quickly than they were just a year ago, and housing prices have gone up. If you have been considering selling your home but have felt unsure of how it would do in this economy, don’t worry! Thanks to the low inventory of homes on the market right now, you should be able to quickly sell your home. For more detailed information about what it would take to sell your home, let’s talk. I would love to help your dream come true!