Is it a good time to Buy or Sell?
The clear answer to these two questions are resoundingly, Yes & Yes.
This week interest rates reached an all time low for the past 15 years.
So what does this mean for both Buyer's & Seller's.
For the Buyer, you can now get a 30 year fixed rate mortgage (FRM) for 4.32%. It was over 5% this time last year. A 15-year FRM this week averaged a record low of 3.83% and this is down from over 4.5% at this time last year.
Home prices increased 2.3% between the first & second quarters of this year, showing some stability in the housing market.
So for Tulsa home Buyer's mortgages loans are extremely inexpensive at this time which will keep monthly payments lower than usual. Don't forget credit scores effect the borrowing interest rate given you by lenders.
For Tulsa home Seller's, or Sellers sitting on the side line and waiting to list their home, more Buyers will be starting on the home search journey to seek out their dream home. It just could be yours. Once you sell and move on, you could then lock in a new low % rate on your new mortgage.
If you are a Buyer or Seller and need any assistance just shoot us an email, or give us a call.
Janet & Graham Ford SRES MSA CSP e-PRO
Broker & Associate
NE OK Region Real Estate
Janet Cell: (918) 798 4428
Graham Cell: (918) 798 6628
Fax: (918) 398 5330 & 1 800 829 9408