Just a quick post to update you on where the market stands as of the beginning of 2017. I’ve pulled out a few key points below, and there’s an infographic that explains why this matters to you if you’re buyer, and what it means if you’re a seller. We’ve had some rumblings from buyer lately about rates going up. If you’re buying in 2017 think about pushing it to early in the year. As the year goes on, indications are that rates will go higher. Don’t wait around hoping they drop below 4%. The past few years we’ve seen historic low rates. We had buyers lock in at 2.99% last year! Those days are gone. We’re adjusting back to normal and they’re going up. When I bought my first home in 1991 it was at 14% and we still bought a house. We had to! Our family was growing and we needed a new place. If rates go to 4.5 or 5% those are still low rates, historically.
- 45 million existing homes were sold in 2016! This is the highest mark set since 2006.
- Inventory of existing homes for sale dropped to a 3.6-month supply, the lowest level since NAR began tracking in 1999.
- The median price of homes sold in December was $232,200 (nationally – not here in Pennsylvania). This is the 58th consecutive month of year-over-year price gains.