Well we knew it would happen ……. just as the real estate industry begins to come out of the doldrums (I think these are located somewhere south of the equator), interest rates are on the rise again. Today’s rate for a 30 year fixed mortgage is right at 4%, whereas 6 months ago they were 3.3/8% for the same loan. Depending on how high they rise, this could take a lot of people out of the home ownership market. The Feds have said that they intend on keeping the rates low through 2014. Hopefully that will be the case.
Our real estate statistics for the month of May pretty much mirror the April figures in that we had the same exact number of sales for each month (8). The inventory dropped a few listings and the average days on the market went up a little. On the whole, our market is doing well, especially for the lower end homes under $200,000. Anything higher than that is sitting on the market for 30 to 60 days prior to an offer.
Please watch the video below to see the latest events happening in Kingsburg.