Does it sound crazy to say it’s a good time to buy or sell a home?
May numbers are in, and they’re showing it’s not just a good time to buy or sell — it’s a great time. Here’s why.
Across the country, home buyers are enjoying the lowest average 30-year mortgage rates ever recorded in Freddie Mac’s 50-year history of tracking the market. Now hovering at 3.15% for a 30-year conventional loan, today’s rates offer an extraordinary opportunity for buyers looking to score a deal.
There’s good news for sellers too. Supply of homes for sale has tightened after wary sellers put their listings on hold, and demand has risen thanks to great mortgage rates. High demand and low supply create a lucrative market for sellers. In fact, listings in Newport Beach and Laguna Beach sold for a greater percentage of their original listing price this May compared with May 2019.
At the Stavros Group, we are working hard as ever to provide a stress-free, safe and profitable real estate experience to our clients. If you’re looking to buy, sell or invest, please don’t hesitate to reach out with questions.