Low inventory has caused the number of home sales in February 2017, which are completed transactions nationwide to drop 3.7% from January 2017. The properties counted in this analysis include single family homes, townhomes, condominiums and co-ops. Although Realtors have been reporting a strong buyer presence wanting to purchase real estate, the problem is the lack of inventory of resale homes for sale. First time homebuyers made up 32% of the total sales in February 2017 compared to 33% in January 2017. All cash sales made up 27% of the real estate transactions in February 2017 and 23% in January 2017.
Freddie Mac reports that the average commitment rate for a 30-year, conventional, fixed-rate mortgage is slightly up in February to 4.17 percent from 4.15 percent in January. The average commitment rate for all of 2016 was 3.65 percent. So the interest rate from last year is up about ½ a point and the home buying demand is still strong. The Federal Reserve has said that they will be raising the interest rates again in 2017 so if you’re buying a home and want a lower interest rate acting sooner than later to purchase a home is recommended. Call The Lewis Team and let’s get started.
National Association of REALTORS - Sales Drop in February as Shortages Persist
The lack of inventory in the San Diego real estate market has been an ongoing problem continuing from 2016 and most of us knew that 2017 would be no different. Buyers far outnumber homes and condos available for sale in the San Diego Market. When homes are price right and are in good condition they get multiple offers and sell fast. There are some homes on the market with long DOM – Days on Market – due to agents who have the properties listed overpriced. These properties will sit on the market but will receive no or few offers until the home is priced to match its true value.
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If you’re buying a home or selling a home in 2017 you will want a real estate team that understands the real estate market in San Diego. Please give The Lewis Team a call so we can make sure that your transaction is the best it can possibly be.
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