Market Moment - Sept 14, 2020
Mortgage rates continue to trend downward, hitting the lowest levels in the past 12 months. The word from the Federal Government is that they intend to keep interest rates low while the economy recovers. Interest rates continue to hover around 3%.
Small-business optimism declined slightly whereas consumer borrowing has started to accelerate. Both new purchase and refinance mortgage application submissions remain steady. Job openings are also up as businesses continue to reopen. Initial jobless claims were down last week, also due to businesses reopening. The consumer price index increased.
For our local real estate market, housing prices are still trending upwards and inventory continues to be low. The Greater Albuquerque/ Rio Rancho area, the number of homes available on the market is around 1500, which is half of what it should be, in my opinion.
I can not stress enough if you are a buyer, to be pre-qualified and have your savings built for closing costs and other moving expenses.
As for Sellers, I would stress for you to take care of the maintenance projects you may have put off. Keep receipts of the repairs completed as this will help your Agent in the sale process.
Want more information? Let’s talk Real Estate- 505-980-9353.
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