Friday, August 22, 2014

Who Would Have Thunk It?

Yes I meant to spell it THUNK! But really, interest rates went down this week!! Who would have thunk it is right!

Three years ago rates were amazing, today they are still amazing. We all expected them to be in the 5's by now!

I had a conversation with one of my newest sellers about what is happening in the market. Told them things are still moving. Inventory is growing, and interest rates seem to be holding.

Will I get multiple offers? Not likely. Buyers aren't freaking out, wondering where the rates are going to be tomorrow as they stare at their computer screens looking for homes! So, they aren't in that urgency to buy. Therefore multiple offers aren't as likely to least not in Santa Clarita Valley.

What will it be like next week, next month, next year? Not even Houdini could tell you for sure. But, inventory has climbed, the normal selling season is over, interest rates are staying low.

I would think inventory will be higher. I believe that when the Spring of 2015 hits we'll see a lot more homes available for sale. But, regarding interest rates? Not til the economy is back to strong levels are we going to see much higher in the way of mortgage rates.......I would think. But, next Spring I may be saying I Thunk Wrong!

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