A Holiday Treat Has Come Early This Year….
32% of the 37 sales that closed this month in Washington Park sold at or over asking. Many buyers have said they don’t want to be in a bidding war however, they are not easy to avoid. The good news about these competitions is that the house was likely priced a little under the top value to start with so going a little over isn’t so bad. The bottom line is that a buyer needs to know value and be willing to pay the value rather than getting too hung up on the asking price. In my opinion, understanding value is one of the major benefits to using a Realtor who is knowledgeable about the area.
As would be expected, the market is hottest in homes priced under $1,000,000. Of the 17 sales that were at or over asking, 1 was priced over $2,000,000 and 4 between $1,000,000 and $2,000,000. The remaining 12 competitive sales were under 1 million. Interest rates on loans of $510,400 or less are currently at
2.625% and up to $575,000 the rate is 2.75%. Even a jumbo loan over $575,000 is at a record low of 3.125%. For those who feel secure in their jobs, even with some competition, it is a great time to move.
If you don’t love where you live, let us know and we can help. If you do love where you live and you still have a mortgage that is 1% or more over current rates, it is time to refinance. If you need our Preferred Lender List, let us know. Many feel that rates will rise after the election in November. Thus, the gift of low rates may not last until the holidays.
