July Update: Get Ahead of the Summer Market with These Trends
Lower demand and rising inventory are creating more opportunities for buyers
What’s new: The trend so far this summer shows the number of homes sold is much lower than last year. Prices are basically where they were a year ago.
A soft market means buyers can negotiate better terms, like buying down interest rates or getting a break on closing costs. This can save thousands of dollars.
Interest rate cut could further lower mortgage rates
Declining inflation has most analysts predicting an interest rate cut--making mortgages more affordable. Mortgage rates have fallen slightly since May and are now around 6.9% on average.
The impact: If rates go down further, more homes could hit the market. Many sellers have been reluctant to sell their homes because they have a favorable mortgage rate locked in.
That could change when rates come down, putting more homes on the market.
New rules for how real estate agents work with clients are putting a premium on expert services
As we mentioned in our last newsletter, big changes are happening right now in the real estate industry.
New rules mean there is more transparency in how buyers pay real estate agents. Consumers also have more choices in how they compensate their real estate agents.
What it means: A buyer needs the best agent to help through all the details of the purchase from beginning to end, and after the sale closes with any concerns.
There’s a lot of details involved, so feel free to reach out with any questions and I can walk you through the new process.
Fresno and Clovis Market Update
Fresno County’s median home price increased to $428,890—about the same price as a year ago and 0.9% more than the previous month.
Fresno’s prices are staying level while other parts of the state have seen sharp increases, especially in the Bay Area and Southern California.
The total number of homes sold in Fresno County is down about 6% since last year.