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Today we just want to quickly share with you some general market conditions and give you a short update on where the housing market stands both here in Savannah and nationally as a whole. Here are a couple of things to keep your eye on:
- Out of those looking to purchase a home in the next 12 months, the 18-34 age group dominates the sample size as 32% of those looking to buy are in that age range.
- We really bottomed out in home sales and values in 2011, but have since been gradually increasing. People are taking advantage of low interest rates and buying at a higher price and more frequently.
- Freddie Mac shows us that the average interest rate right now is around 4.5%. Don’t expect rates to stay this low for long, as some experts are predicting a rise of up to 5.5% by next year.