An article in today’s paper said that mortgage applications were at the lowest point in many many a year. This happened despite the fact that interest rates are still near their all-time lows. Interest rates are still holding below 4% for qualified borrowers.
So if interest rates are so low, why aren’t there more people applying for a mortgage ?I think the answer is pretty obvious. The reason they’re not applying for mortgages is that there are no houses available for them to buy. There are buyers out there looking, but there are not properties out there for them. The inventory of available homes is still extremely low.
What this means to you is that if you’re planning on selling your home, get your house on the market now. If you price it properly it will sell and quickly.
Call us for a market analysis to help you decide where to price your home for a quick sale.