The average interest rate (Lubbock AJ, 8/31) is now 3.59% on a 30 year note. Anyone not jumping into home ownership now is certainly NOT waiting on a better interest rate. Re-fi business is booming also. Average on a 15 year note is under 3%.
I believe that in Lubbock, TX we saw many 'buy up' clients, climb down off the fence last spring. Through the spring and early summer business was brisk. Late summer doldrums has now impacted us and my business has tapered off. After all, focus for the past few weeks has been on back-to-school, tax free weekend, and last of summer vacations.
Outlook for Lubbock home sales for the fall is like the fall season always is in that most families just got their kiddos settled into school and don't find this an appealing time to move, particularly if a change of school district would be involved. But there are certainly families who will be relocating, changing jobs, out-growing their space, or needing to trim their budgets. I will meet with a family in the first category next week and yes they have kids and the timing for them is less than idea. It reminds me though of the phrase I've heard - 'life is what happens when you are making other plans'.
If you are ready to buy or sell a home, now is as good a time as any. You can find lots of great homes available and sell your home with the advice of a real estate professional. Now even more than spring and summer there are those three important watch words for sellers. CONDITION, LOCATION, PRICE!
Have a great Fall ya'll!
Mary Benton, Realtor
Keller Williams Realty