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Is the Recent Dip in Interest Rates Here to Stay?

by Mary Jean Agostini

Is the Recent Dip in Interest Rates Here to Stay?

Interest rates for a 30-year fixed rate mortgage climbed consistently throughout 2018 until the middle of November. After that point, rates returned to levels that we saw in August to close out the year at 4.55%, according to Freddie Mac’s Primary Mortgage Market Survey.

After the first week of 2019, rates have continued their downward trend. As Freddie Mac’s Chief Economist Sam Khater notes, this is great news for homebuyers. He states,

“Mortgage rates declined to start the new year with the 30-year fixed-rate mortgage dipping to 4.51 percent. Low mortgage rates combined with decelerating home price growth should get prospective homebuyers excited to buy.”

In some areas of the country, the combination of rising interest rates and rising home prices had made some first-time buyers push pause on their home searches. But with more inventory coming to market, continued price growth, and interest rates slowing, this is a great time to get back in the market!

Will This Trend Continue?

According to the latest forecasts from Fannie Maethe Mortgage Bankers Associationand theNational Association of Realtors, mortgage rates will increase over the course of 2019, but not at the same pace they did in 2018. You can see the forecasts broken down by quarter below.

Is the Recent Dip in Interest Rates Here to Stay? | Simplifying The Market

Bottom Line

Even a small increase (or decrease) in interest rates can impact your monthly housing cost. If buying a home in 2019 is on your short list of goals to achieve, let’s get together to find out if you are able to today.

 

Why Sell Now Instead of Later? The Buyers are Out Now!

by Mary Jean Agostini
 
Why Sell Now instead of Later? The Buyers are Out Now | Simplifying The Market

Why Sell Now Instead of Later? The Buyers are Out Now

Each year, most homeowners wait until the spring to sell their houses because they believe that they can get a better deal during the normal spring buyer’s market. However, recently released data suggests that a seller’s best deal may be available right now. The concept of ‘supply & demand’ reveals that the best price for an item will be realized when the supply of that item is low and the demand for that item is high. Let’s see how this applies to the current residential real estate market.

SUPPLY

It is no secret that the supply of homes for sale has been far below the number needed for over a year. A normal market requires six months of housing inventory to meet the demand. The latest report from the National Association of Realtors (NAR) revealed that there is currently only a 4.2-month supply.

Supply is currently very low!!

DEMAND

A report that was just released tells us that demand is very strong. The most recent Foot Traffic Report (which sheds light on the number of buyers out looking at homes) disclosed that there are more buyers right now than at any other time in the last twelve months. This includes more buyers looking at homes right now than at any time during last year’s spring market.

Demand is currently very high!! 

Bottom Line

Waiting until the spring to list your house for sale made sense in the past. This year is different. The best deal is probably available right now.

 

Top 10 Home Maintenance Tips for Your Central Connecticut Home

by Mary Jean Agostini

 

 

15 Easy Ways to Get Your Outdoor Living Space Ready For Summer

by Mary Jean Agostini

You don’t have to break the bank to transform your backyard into an impressive oasis this summer. Here are 15 simple ways to turn your yard into an enjoyable summer site for friends and family to gather. Read more here..

Article Courtesy of porch.com

Mary Jean Agostini, CCIM,CRS,CRB
mj@mjagostini.com
www.mjagostini.com
860-995-9665
Licensed in CT,RI,MA
Realty 3
Offices in Berlin, Southington, Essex and Stonington

Spring Maintenance

by Mary Jean Agostini

Now that Spring is officially here, it is time to begin thinking about spring related home maintenance projects. Winter has taken its toll. So, here’s a list of projects that you might want to plan for in the coming weeks.

Roof Inspection

Winter can give your roof a battering. Even if you haven’t detected any leaks inside or can’t see any damage from the outside, it cannot hurt to get a professional to hunt for potential problems before they can get worse.

Landscaping

Lawn care is obviously something to focus on as the temperatures begin to warm up. For the moment, you may want to have a professional come in if you have a lot of trees on your property. Trees can be especially vulnerable to windy spring storms.

Pressure Washing

Just like your car, your house occasionally needs a careful cleaning to get rid of the buildup of dirt, grime and mold that can accumulate when you’re not spending as much time outside to notice it. If you have outdoor furniture that wasn’t covered, it can probably use some cleaning-up as well.

Outdoor Pools

Unless you’ve got built-in heaters, it will be months before you’d dare venture into the chilly waters of your pool. But the annual ritual of removing the pool cover and beginning the process of conditioning the water can begin before the thermometer shows it’s time for a pool party.

Spring is also a time when many people begin thinking of buying a new home for their family. If you’re one of those people, please don’t hesitate to contact me. I would be happy to answer any questions you may have, and help you find your dream home.

Mary Jean Agostini, CCIM,CRS,CRB
mj@mjagostini.com
www.mjagostini.com
860-995-9665
Licensed in CT,RI,MA
Realty 3
Offices in Berlin, Southington, Essex and Stonington

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Displaying blog entries 1-5 of 5

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