The Real Estate Market is still carrying on as it was. Normal fall slow down in purchasing, which happens during the first couple of months of school’s fall semester will see some houses lower their prices. There are currently 226 homes on the market in Daphne with 5% of those being rentals. Median time on market is 60 days and median price is 250K which is down slightly from this time last month. Currently 2% of all homes for sale on the MLS in Daphne have been reduced. The rental market has seen 10% of their homes on the MLS in Daphne reduced. With rental prices trending down, home sale prices will also follow suit over time.
Interest rates ticked up a little last month and are now holding around 6.6 for VA, and FHA loans. 7% for conventional 30 year and USDA loans. This is a national average, there are banks and mortgage companies that run specials and also New construction reductions in some cases. I can provide you with no less than 3 Mortgage companies that can assist you in finding the best rates. The Fed is talking about holding or possibly reducing the current interest rates for 4th quarter based on the job market numbers. We are close to the 50 year average of interest rates but have not yet surpassed it.
The house you love will not be there forever, but the interest rate will fluctuate and eventually go down. Barring another pandemic, I do not see interest rates ever returning to 2-3%, but I do think they will eventually settle around 4-5% so you could refinance when that time comes, and still save dollars. So in summary, plenty of homes on the market, prices will slowly come down, interest rates will settle, so still a good time to buy a house.
