Monday, September 28, 2009
Home Sales and Mortgage Rates
Well, the numbers are in and it's good news and bad news. The good news is that home sales were up in August of this year from July of this year. The bad news is that sale were down in August of this year compared to August of last year. Other good news: that decline from 2008 to 2009 is only 9.2%, unlike the 22-30% drops we've seen in past months.
My listings have received a lot of showings over the last two weeks, good news for sellers. There are also lots of houses out there on the market that need to be sold. Those houses selling are the ones that are the best value - great condition and location for the best price.
And for people who want to refinance or buy a home, the good news is that rates remain around 5%. A loan officer friend of mine and I had lunch last week and he mentioned that he strongly believes that rates will be around the 6% mark in about four to six months from now. While there's no absolute guarantee, you may want to consider talking with your mortgage loan officer so you can make a move to either buy or refinance.
The Nashville Business Journal has both of these articles online. For information about home sales in the area, just CLICK HERE. And for more information about mortage rates, CLICK THIS LINK.
If you're looking for an agent who has a handle on the current market conditions in the Middle Tennessee area, look no further. I'd love to give you a hand with your real estate needs.