Summer has barely begun but it looks like sales are already heating up for the busy summer season. The number of sales continues to be well above last year’s numbers, and this month, for the first time this year, we also saw the median price up for both single-family homes and condos. With increased market activity, this summer season promises to be a hot one! Check out our monthly report for neighborhood specific details.
Much of this momentum is due to historically low interest rates, which are beneficial to both buyers and sellers.
What’s the big deal about low interest rates?
Low interest rates give buyers lower monthly payments and ultimately more buying power. Securing a low mortgage rate is similar to getting a price reduction in the purchase price. However, it’s important to note that these low rates are temporary and can increase at any time. With rates now under 5%, now is the time to use these low rates to your advantage.
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