What impact does foreclosures and short sales play in the market. Well, this year as compared to last year, they are down 6%. That doesn’t seem like a lot, but at least we are heading in the right direction.
Sales on the other hand are up 5%. So, we are seeing a much more active market than we have before. Lots of buyers in the market right now.
They are still kicking butt and going down! 3.49% for a 30 year loan fixed and 2.80% for a 15 year loan fixed. Now, that is HISTORICALLY LOW and incredibly good news for those looking to buy a home.
We had been going up the last few years. Now, we are seeing a trend of going down. In fact, days on the market is 110 days. Now, that is different for every neighborhood and subdivision. But, for the most part in Hampton Roads it is about 110.
The final part to this market update is inventory and it is down a whooping 19%! A balanced market for buyers & sellers is about 6 months of inventory. We are about 7 months. So, really close. Either way, it’s a good time to buy or sell a house.