Today I wanted to give you a bit of an update on the July real estate market.
If you’re a homeowner and you own a house, then I would say that you’re looking at a buyer’s market. If you own a condo or a townhome, then you’re in a seller’s market. Housing inventory is up 8%, while condo inventory is down 33%.
What does that mean in terms of prices? Prices for houses have only gone up about 3.5% since last year, but we’ve seen an 18% rise in prices for condos and townhomes since this time last year.
In regards to interest rates, we are currently seeing a very low interest rate of 2.44% for a five-year mortgage. That’s almost free money! With all of that said, it looks like we’re headed for a bit of a market correction.
If you have any questions about this topic or you’re looking to buy or sell a home, please give me a call. I would happy to help you!