If you haven’t heard, there’s a bit of a trade disagreement between the U.S. and China. That has yet to be resolved and its lingering uncertainty has started to make the market a little shaky. While mortgage rates are starting to react as well, it’s not by much. They’ve gone up .06 percent from last week.
What does .06 percent rise in interest rates mean on a loan? If you have a $250,000 30-year mortgage, your monthly interest payment will go up $12/month.
Prospective buyers have tapped the breaks a bit on mortgage applications. Applications decreased 11.9 percent on a seasonally adjusted basis from the week before.
Hot Real Estate Areas
Every month the Real Estate Center at Texas A&M University and the North Texas Real Estate Information System compile a list of the hottest areas based on pending sales as a percent of active listings.
The top five areas based on their hotness ratio are
Some other top areas with less than one and a half months of inventory are Arlington Central Southeast, Watauga, and Arlington Southeast. This means that if no new listings came on the market, given the current demand, the current inventory of homes for sale would be depleted in six weeks or less. Not bad, Arlington.
So to sum it up and answer the question, how’s the market? Well, it depends.
If you’re a seller, the flurry of activity may start slowing down considering the response buyers have to increasing interest rates. However when you look at the data, there are 3.3 months of inventory on the market which means the market currently favors sellers. Overall, it’s still a good market.
If you’re a buyer, rates are still low but they’re beginning to get affected by outside economic forces. If you’re on the fence about buying, you might consider going ahead and applying for a mortgage to lock in a rate. Ask your lender about your ability to relock if rates go down during the time you’re searching for a home.
Did you know you can easily get the fastest listing alerts, directly from the MLS so you can be the first to know when your dream home hits the market? Just CLICK HERE.
If you like hearing these stats and want more detailed data on your neighborhood, head over to our NEIGHBORHOODS page.
If you’re looking to buy or sell real estate in DFW, let’s talk.
See you next week.