Wichita Falls Real Estate Update
Mortgage Rates Drop!
The Federal Reserve pushed interest rates lower in December, and mortgage rates quickly followed. According to Freddie Mac, the national average for a conventional 30-year fixed-rate loan fell from 6.1 percent in November to 5.19 percent in late December, the lowest rate on record dating back to 1971. The Fed's actions reflect the government's ongoing commitment to stabilize the economy.
In other news, existing home sales decreased according to a December report published by the National Association of REALTORS (NAR). Existing home sales activity was revised downward to 4.49 million units, representing a 10.6 percent decrease from the same time a year ago. Existing-home sales include single family homes, townhomes, condos, and co-ops.
Lawrence Yun, NAR chief economist, expected a decline and added, "We hope the home sales impact from the stock market crash turns out to be short-lived, as was the case in 1987 and 2001."
Despite the overall decline in sales across the country, rising activity in California, Nevada, Arizona and Florida markets seems to signal a renewed interest in these areas, as bargain hunters take advantage of discounted homes.
Total housing inventory rose 0.1 percent in November to 4.20 million existing homes for sale. This representing an 11.2-month supply, up from a 10.3-month supply the month before.
Selling in a Buyer's Market
Even in a slower market, the good homes go fast! Smart sellers are realizing that a proactive selling strategy can go a long way in getting their home sold, even when inventories are high. Here are three tips for today's sellers:
- Price your home right. Markets change, so don't be influenced by last year's selling activity and home prices. Buyers will evaluate your home based on what others are selling for today, so make sure you know the market and price your home accordingly.
- Make your home shine. Buyers like to envision a home they can move right into. Clean carpets, fresh paint, and a nicely landscaped yard can go a long way to make perspective buyers feel at home.
- Anticipate the selling season. Many sellers wait for the market to pick up before they place their home for sale, but smart sellers anticipate these seasonal adjustments and list their homes early in the sales cycle. Give yourself the best opportunity by placing your home on the market before everyone else does!
Whether you're looking to sell today or are thinking of selling tomorrow, please feel free to call and ask for a computer analysis of our recent market activity. We would be more than happy answer any questions you might have.
www.TexomaListings.com - For Buyers
www.TexomaHomeValue.com - For Sellers
