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Local Market Insight
We believe the market remains greatly balanced between buyers and sellers. Buyers are locking in mortgage rates close to historic lows - the average 30 year fixed rate mortgage is hovering around 3.78%. These buyers are able and willing to spend more because the money is so cheap to borrow. This is supporting a median sold price of $350,000, which is a 1.8% increase over this time last year. Sellers are still benefiting from these rising prices, as well as low market inventory. Limited inventory causes buyers to pay a higher price when a good listing is presented to the market. While some may argue that a rising days on market (DOM) figure is indicative of a slowing market, we believe this is actually just over-confident sellers who think buyers have no limits to what they will pay. Sellers who price their listings in-line with comparable sales are still ringing in record sale numbers.
For most people, buying or selling a home is the biggest financial investment of their lives. Although it may initially seem overwhelming, it doesn't have to be. With the proper education and support....
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Bad Credit Score One of the things a loan officer will look at when starting your pre-approval process is your credit score. You can get an FHA loan with a 580 credit score, but that's