Real Estate Listings are Hitting a 3 Year High

Mortgage rates took another increase at the beginning of April. When hearing that mortgage rates are up again many of us immediately have a bit of concern, especially as the peak real estate season of Spring begins. The 30-year fixed mortgage rate increased from 6.82% to 6.88% says news released by lending giant Freddie Mac. 

The chief economist at Freddie Mac shared the reason for rate increases, "Mortgage rates have been drifting higher for most of the year due to sustained inflation and the reevaluation of the Federal Reserve’s monetary policy path,”

More Insight Into Mortgage Rates

Mortgage rates are always moving, but have hardly moved in what we are used to seeing over the last four years. In the previous couple of months, mortgage rates have continued to hover between 6.6 to 7%. These rates are a bit higher than what hopeful buyers were hoping for. Mortgage rates are predicted to remain on the higher end until something shifts with inflation. The Federal Reserve is looking to hit a goal of 2%, currently, the inflation rate is staying put at 3.5% as of April 2024. 

What's Happening with Home Prices

The median list price of the average American home dropped very slightly for the week ending April 6 by a mere 0.1%. The drop is slight but very hopeful for homebuyers despite mortgage rates slightly increasing. This could be an insight into a larger trend. The decrease is the second week in a row that prices have declined since last year in July 2023. 

More Listings are Coming to the Market

Many more fresh listings hit the market at the end of April's first week.  The total number of listings both brand new and already listed on the market saw a 30.4% increase in year-over-year numbers. This makes 22 weeks of active listing numbers above the year-over-year numbers. This means there are more homes listed for sale compared to the beginning of Spring 2023. Numbers are still down as compared to pre-pandemic numbers meaning the sellers market is still in effect in the most desirable housing markets, but it is promising news for homebuyers. Listing numbers are higher than they have been in 3 years and this is very good news. 

If you are a Granbury homeowner wondering if you have missed your window on selling your home for top dollar during a seller's market, it is still a beneficial time to list your home for sale. There are more homes to choose from right now and mortgage rates are increased, but homeowners are still able to sell their Granbury home with success when they have the right local Granbury real estate agent on their team. 

If you are a homebuyer wondering if you should purchase a Granbury home right now or continue to wait for better mortgage rates, now is always the time to purchase if you are in a solid financial position and need to purchase a home. Don't wait for ideal market conditions. Market conditions are unpredictable as we have very well learned over the last year. If you were to ask a majority of real estate market analysts what they would predict mortgage rates to look like right now they most likely would have told you they would be a full percent lower. There is no way to tell what the market holds even a few weeks from now. The best plan for homebuying is to have your personal finances ready and know what you need and want from a Granbury home. 

For help buying or selling a Granbury home, contact me any time. I am here to help you with your Granbury real estateReal Estate Listings are Hitting a 3 Year High needs. Let's get your home sold or find that perfect affordable Granbury home you love. 

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