Interest Rates Hover Near Historic All-Time Lows [INFOGRAPHIC]Some Highlights Mortgage interest rates have dropped considerably this spring and are hovering at a historically low level.
Holiday Gifts Are Not The Only Hot Things Right Now
Dated: December 19 2019
Black Friday is behind us and holiday gifts are flying off the shelves in stores and online. Unlike last year, however, there is another type of buyer that is very active this winter the homebuyer.
Each month, ShowingTime releases their Showing Index, which tracks the average number of appointments received on active U.S. house listings. The latest index revealed:
“Traffic was more active once again compared to 2018, as the nation saw its third straight month of higher year-over-year showing activity…The 5.5% increase in showings nationwide was the largest jump in activity during the now three-month streak of year-over-year increases vs. 2018.”
The same report indicates showings increased in every region of the country:
The South increased by 10.8%
The West increased by 8.6%
The Northeast increased by 3.8%
The Midwest increased by 1.5%
Why is the traffic more active?
One of the main reasons buyer traffic has increased year-over-year is that mortgage rates have fallen dramatically. According to Freddie Mac, the average mortgage rate last December was 4.64%. Today, the rate is almost a full percentage point lower!
There are first-time, move up, and move down buyers actively looking for the home of their dreams this winter. If you’re thinking of selling your house in 2020, you do not need to wait until the spring to do it. Your potential buyer may be searching for a home in your neighborhood right now.
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