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HELLO DEAR FRIENDS!
At long last, it's that annual time of renewal and rebirth that arrives with Spring.
Along with it, we are greeted by a profusion of azaleas, dogwoods, pear tree flowers, and other blooms that almost appear as colored tissue paper to me.
What does Spring look like to you?
Are there other flowers that make you smile and bring you a sense of peace, calm, and renewal?
THIS MONTH: SPRING CURB APPEAL AND EASTER FEASTS
Dedicated to this special time of the year, along with your monthly Real Estate Market report, this issue will focus on how to add Curb Appeal to your Forever Home, or to the one you wish to sell .
Easter is right around the corner, so you will also find delicious recipes and party ideas that will certainly elevate your Easter celebrations.
Of course I also like share some current trends for your home so I've included those as well. And with this wonderful weather, so many events to attend.
I hope to bump into you at one or many of these around town.
Or maybe at one of our bountiful Farmers Markets?
ON THE REAL ESTATE FRONT
The biggest piece of news right now is that mortgage rates are the lowest they've been in 5 months so it is a great time to search for your new home, or sell/list the one you have.
Why sell/ list now?
Because with lower mortgage rates as listed below, there will be a higher pool of Buyers looking to buy your home.
Based on trends in the marketplace, the National Association of Realtors forecasts several forward looking indicators for next month:
- Existing Home Sales Will Increase by 6%
- Median Home Prices Will Rise by 3%
- Mortgage Rates Will Average 6.4%
Lawrence Yun, Chief Economist at the National Association of Realtors, had these things to say about the current marketplace and economic events influencing this:
"Despite the modest monthly increase, contract signings remain well below national historic levels. A meaningful decline in mortgage rates would help both demand and supply - demand by boosting affordability, and supply by lessening the power of the mortgage lock in effect."
Also:
"Considering the Federal Reserve's recent forecast for slower economic growth, we expect mortgage rates to slide moderately lower. But the current high national debt will prevent mortgage rates from falling drastically - and certainly not to the 4-5% rate seen during President Trump's first term."
Current Mortgage Interest Rates as of April 4:
- 30-year Fixed - 6.47% [last month 6.74% and month before that 7.05%]
- 15-year Fixed - 5.82% [last month 6.03% and month before that 6.46%]
- 30-year FHA - 5.95% [last month 6.99% and month before that 6.46%]
- 30-year Fixed V.A. - 5.90% [last month 6.79%
Friends, I'd love to help you with a Competitive Home Analysis [CMA] so you may learn the value of your home. If interested, please call or text the number above.
MARKET INSIGHTS
Below, please find national real estate housing data and infographics from the National Association of Realtors. Please keep in mind that on the national level, data lags one month behind.
National Snapshot for the Month of February:
- Pending Sales - decreased 2.0% month-over-month [while in the regional South they increased 6.2%]
- Existing Home Sales - increased by 4.2% - month over month
- Home Prices - increased 3.8% - year over year
Ongoing Challenges:
- Fluctuating Interest Rates
- Financing for First Time Home Buyers
- Insurance Rates
The month of February continued to trend toward a Sellers Market with 3.5 months of Inventory
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