If you are in home buying mode, you will already know that rates have moved well up from the super-low 2.89% that you could find just a few months ago.  Today, you will be doing well if you can get a 3.39% rate!

From what we hear, it is almost certain that rates are going to move up again by the end of the week.  If you haven't done so already, you need to call your mortgage broker today and lock in your rate.  Most brokers can hold your rate for up to four months.  So, calling your broker today will definitely save you money and there still is no obligation to make a purchase.

This is a clear cut situation where you will save money with one phone call.  Do it now!

(h)(s)

We’ve definitely been feeling the normal summer slow down setting in these last coupe of weeks, especially in the seven days, and it is now showing up in the numbers.  This should not be a concern to an educated seller as it is just the expected result of many buyers, sellers, and Realtors temporarily away on summer vacation.   What was unusual, was the strong pace of sales so far this summer.  That was a real bonus for sellers!  You should expect the pace of sales to pickup again in September, if past trends repeat themselves.

Pricing is holding steady, about 3% lower than last years level.  Of course, every one of our sellers would like to see prices moving up, but at the same time, these low prices are why homes have been selling so quickly.  We always remind people that “The ocean floats all boats” and what we mean by that is that you may sell for less than you would like, but you will make it back up on your purchase.

We still don’t have the best news for condo sellers, which means that there is great news for condo buyers!  Sales volume continues to be well below previous years, which means that prices are down as well.  If you have a condo to sell, you may be best to just bite the bullet, get it sold, and get your money into a more stable real estate investment like a single family home.  With many new condo buildings under construction, we expect condo prices to remain soft for some time, especially for older buildings.

Here are the raw stats for the last 30 days:

Over the last 30 days, 294 single family houses were sold, down by 21 houses from last week.  The median price is down $250 to $539,750. The average house was on the market for 50 days. In the last 30 days, 105 condos were sold, down by 4 condos from last week.  The median price is unchanged at $260,000. The average condo was on the market for 59 days.

There are now 2,128 houses for sale, down by 14 from last week.  Condo inventory has fallen by 6 to 938 suites.

(h)(s)