The average interest rate as of today is at 3.5%, starting this quarter at over 4.0%...that is over $150/month savings for the average refinance...
That means over 8.2 million people could refinance their homes into a lower rate saving 1000s of dollars over the life of the loan.
What does this mean? It's time to refinance if you're over 4% on your current loan and it's time to buy if you've been 'waiting for that perfect time'.
Are we at the top of the market? Not in Summit County. We've seen a surplus of inventory (40 listings in Frisco today, twice as many as we normally see at one time) however...we also have 39 under contracts in Frisco. Strong Seller inventory and strong Buyer inventory is producing a hot fast market.
What does that mean for you as a Seller? 98%-101% listing price to sales price and for Buyers? Buyers have the luxury of taking their time to view these days; days on the market have increased by 15 days per the average listing.
Our advice to you in this market is this...
1. Shop for your interest rates! Consumer surveys show that Borrowers and Buyers aren't shopping.
2. Hire a professional! If you think hiring a professional is expensive...just wait until you try and do it yourself.
3. Ask your Agent to take photos and video of smoking hot deals so that you can make quicker decisions. I see Buyers missing out on great properties all of the time because their Agent didn't get them up here to show our listing.
4. Lastly...do it now. Refinance, Buy, Sell...DO what you're procrastinating about...2020 is going to be a different apple.