Thanks for joining us, everyone. This is the first edition of our
video blog, where we will be talking about all different kinds of real
estate topics to help educate you on what's going on. Today, we want to
give you a quick market update for Howard County so you know exactly what's going on.
The bottom line today is money is cheap! It is a fantastic time to buy a home right now. Mortgage rates are steady at historical lows around 4.25% for conventional and 4% for FHA and VA loans. Rates for jumbo loans, or loans over $495,500, are at an affordable 4.375% when you put 20% down. We would suggest that this market is very
balanced compared to where it was at this time last year. Due to increases in inventory over the last year, we are trending towards more of a buyer's market than a seller's market.
The supply of homes in Howard County is up 56.6% in June 2014 as compared to June 2013.
This can be attributed to basic economics and supply and demand. What
happens is, inventory has continued to increase while demand has laid
flat. Over time, if these conditions continue, there will be a downward
pressure on price.
A note to sellers, even though our inventory is high, it's still a great time to sell your home. If your home is priced well and in good condition, your house will certainly sell with help from the Pat Hiban group.
As for buyers, there has been no time in the last 5 years where there
has been more opportunity to choose from the supply of inventory on the
market.
If you or anybody you know are looking to buy or sell real estate in Howard County, please give us a call or send us an email. We would be glad to help. Thanks, and have a great day!
