Interest rates have fallen again! - Sept 2012 Lancaster County Market Watch
Tuesday, September 18, 2012
Here is a quick look at current mortgage and housing trends for Lancaster County.
Mortgage Info and Current Interest Rates
This past week the Fed announced that they are pumping more money into mortgage-backed securities over the next few years which will keep interest rates at low levels for the long term. This is good news for those wishing to purchase a new home or refinance their current mortgage. And the announcement has already had a positive effect on rates, as they have gone down in the past few days. Conventional rates are currently at 3.5%, FHA 3.25% with a 1 point credit. If you are thinking of buying, the Fall is a great time to be shopping! The best place to start is with a local, reputable mortgage lender. Call me for a good referral. And if you are curious to know what is currently for sale, Click here to receive a Daily Email List of Homes for Sale as they Hit the Market!
We continue to see a substantial improvement in year-to-year comparisons. The number of pending and sold properties in August jumped 12% and 24% respectively compared to 2011. The number of homes for sale is down 15% which is allowing the Supply of Inventory to continue to drop, now down to 8.26. The lower the Supply, the less downward pressure on price!
Need some great ideas for home organization projects? Here is a Top Ten list from the Family Handyman Magazine.
Thinking of Selling?
I'd be happy to walk through your home to give you advice on how it compares to what has been selling and which repairs/improvements are worth investing in and which ones are not. The earlier into the process you contact me, the more I can help! Give me a call or Click here to request a Home Value Report.