Market Snapshot: What You Need to Know-March 2021
The end of 2020 and beginning of 2021 continues to set records. The past six months have seen increases in sales over the previous year averaging over 21%. When looking at just last month we still a 12% increase in the amount of successfully closed sales over the same time period in 2020.
Interest rates are one factor driving our current housing trends. Although we are still at historical lows as this graph shows rates have begun to rise. In December 2020 the average interest rate was 2.67%. Three months later the average interest rate was 3.04%. So what does this mean in terms of buying power? Let’s take a 30 year fixed interest rate on a $250,000 mortgage. In December your monthly payment would have been around $1010 per month. That same house now would cost about $1059 per month. That means you are payment an additional $588 per year. Over the course of the loan that is an additional $17,640.
For current buyers the market is extremely frustrating right now. As you can see by this graph our available inventory for sale is steadily decreasing. The lack of available inventory makes it a lot more difficult if you are actively shopping for a home.
Make sure you are fully prepared as you will have to move quick when you find the home you want. The lack of available inventory is also working to drive up prices and creating bidding wars on the available homes for sale. When compared to previous time
So What Does This Mean For Buyers and Sellers?
We are absolutely in a sellers market. Homes are selling at or close to list price and in less time. Is now the time to sell? Call First Coast Realty, Inc. for a complementary Broker's Price Opinion and find out. Buyers, interest rates are low now but economic experts expect them to start rising. Start your home search before rising rates and prices shut you out of your dream home. Call First Coast Realty today.
Whether you are looking to buy or sell, First Coast Realty would welcome the opportunity to earn your business. Feel free to reach out to us on Facebook or Twitter and we would be happy to assist you in getting the ball rolling. Or, to talk to a qualified, experienced agent call/text today 904-494-8408 or email firstname.lastname@example.org