We’re still in a seller’s market here in Fort Wayne, but due to falling interest rates, now is also a great time to buy.
Today I have a quick Facebook Live Q&A session to share with you to review our second quarter Fort Wayne market.
Are we in a buyer’s or seller’s market?
We’re definitely in a seller’s market. For the last two years, we’ve seen a growing number of buyers and a shrinking number of homes for sale. In other words, there’s less supply and more demand. If you’re a seller, you’re in a strong position to get a great deal.
What does inventory look like from a numbers standpoint and how is it affecting home values?
Inventory dropped 15% this June compared to June 2018, and we’re seeing values increase because buyers are willing to pay more.
“For the last two years, we’ve seen a growing number of buyers and a shrinking number of homes for sale.”
Where are interest rates sitting?
They’ve been dropping since November 2018, and experts don’t expect them to increase anytime soon. In fact, they’re predicted to be even stronger during the rest of 2019. At the moment, the average for a 30-year mortgage is around 3.75%. For a 15-year mortgage, you might be lucky enough to secure a rate as low as 3.2%.
What does all this mean for buyers and sellers?
It’s slightly disappointing that inventory is decreasing, but this drop in interest rates has made now a great time to buy. If you have a low rate on your current mortgage, you can upsize and still maintain a good rate. If you have a higher rate, you can basically refinance by buying a new home.
If you’re thinking of selling in 2019, how can you find out what your home is worth?
You have a couple different options. Our website offers a monthly market report that shows which homes are selling in your neighborhood and at what price. You can also contact me directly and I’d be happy to give your home a personalized comparative market analysis.
If you have any other questions about our Fort Wayne market or you’re thinking of buying or selling a home, don’t hesitate to give me a call or send me an email. I’d love to help you.