Still Great interests rates…Why?
This is one of those times you don’t ask why but take advantage of it. I just got off the phone with a lender I work with and he said rates as of today are around 3.65% with a range to 3.5% to 4% . On a $200,000 loan a .5% change in interest can make a $60.00 per month difference. Are the interest rates going to get any better? Probably not. Are they going to go up? Good chance yes, but when is the question. We do know house prices in the metro Milwaukee area are increasing about 10% per year. Per GMAR
The usually strong spring housing market will be strong this year but could be far stronger, if only there were more homes for sale. The number of listings continues to drop, as demand outstrips supply and potential fearing they won’t be able to find something else to buy before interest rates and home prices go up.
The inventory of homes for sale nationally in April was 3.6 percent lower than in April 2015, according to the National Association of Realtors. Despite ongoing inventory shortages and faster price growth, existing-home sales sustained their recent momentum and moved higher for the second consecutive month, according to the National Association of Realtors. The inventory drops are most severe in the lower-priced tier of the market.
Looking for a home should not be a challenge but will take a commitment. Pre-approval is a must to be prepared when that right home comes along so you can move quickly.
When a buyer commits to working with me, I make a full commitment to that buyer to make sure we find the right home and see it as soon as possible so the buyer can make a decision. I have said this many times “when you see the right home you will know it”, I just want to make sure you see it soon enough and are prepared to write an offer on it. Please feel free to see some of my reviews on the main page of my website.
Bob Arnold – Milwaukee Real Estate Agent
Realty Executives Integrity
“Specializing in Results”