How Low Mortgage Rates are Increasing Home Affordability this SummerIt’s no secret that mortgage rates have dropped to historically low levels in 2020. It’s also not a secret that home prices
Pinellas County Homes Are Selling Fast Right Now
Pinellas County Homebuyers Are in the Mood to Buy Today
According to the latest FreddieMac Quarterly Forecast, mortgage interest rates have fallen to historically low levels this spring and they’re projected to remain low. This means there’s a huge incentive for buyers who are ready to purchase. And homeowners looking for eager buyers can take advantage of this opportune time to sell as well.
There’s a very positive outlook on interest rates going forward, as the projections from the FreddieMac report indicate continued lows into 2021:
“Going forward, we forecast the 30-year fixed-rate mortgage to remain low, falling to a yearly average of 3.4% in 2020 and 3.2% in 2021.”
With mortgage rates hovering at such compelling places, ongoing buyer interest is bound to keep driving the Tampa Bay housing market forward. Rates also reached another record low last week, so home buyers are in what FreddieMac is identifying as the buying mood:
“While the rebound in the economy is uneven, one segment that is exhibiting strength is the housing market. Purchase demand activity is up over twenty percent from a year ago, the highest since January 2009. Mortgage rates have hit another record low due to declining inflationary pressures, putting many homebuyers in the buying mood. However, it will be difficult to sustain the momentum in demand as unsold inventory was at near record lows coming into the pandemic and it has only dropped since then.”
There’s no doubt that even though Pinellas County home buyers are ready to purchase, it’s hard for many of them to find a home to buy today. Mortgage rates aren’t the only thing hovering near all-time lows; homes available for sale in Pinellas County, Florida are too. With housing inventory in our area as scarce as it is today, keeping buyers in the purchasing mood may be tough if they can’t find a home to buy (See graph below for U.S. housing inventory stats):
What does this mean for buyers?
Competition is hot with so few homes available for purchase in Pinellas County, which continues to drive up home prices. Thankfully, low mortgage rates are helping to offset the higher sale prices on the buyer side. Getting pre-approved now will help you gain a competitive advantage and accelerate the home buying process, so you’re ready to go when you find that perfect home you’d like to buy. Working quickly and efficiently with a trusted real estate professional from the Sandy Hartmann Group will help put you in a position to act fast when you’re ready to make your move.
What does this mean for sellers?
If you’re thinking of selling your house in Pinellas County or the Greater Tampa Bay, FL area, know that the motivation for buyers to purchase right now is as high as ever with mortgage rates where they are today. Selling your home now before other sellers come to market in your neighborhood this summer might put your house high on the list for many buyers. Home buyers are clearly in the mood to buy, and with today’s safety guidelines and precautions in place to show your house, confidence is also on your side.
Whether you’re looking to buy or sell a home in Pinellas County and the Greater Tampa Bay Area, there’s great motivation to be in the housing market right now, especially with mortgage rates hovering at this historic all-time low. Let’s connect today to make sure you’re ready to make your move.
Andrea is the Managing Partner of The Sandy Hartmann Group. Andrea was born and raised in the Tampa Bay area and is a licensed Realtor with over 15 years of Marketing and Finance experience, holding ....