I just wanted to take a moment and update you on the current market trends in St Johns County and NE Florida over the past couple of weeks. Interest rates have climbed slightly, pushing the 5% threshold as seen in the graph below:
Looking at the rate increase and the positive economic news from retail sales, the market for homes under $150,000 has become very active over the past two weeks. Both foreclosures and short-sales, along with existing homes are going under contract quickly. It is too early to determine if this trend will continue or will push up into higher valued homes, but if you are looking at homes in this price point, you may not be able to sit on the fence much longer. While inventories are still high, the actual number of homes in move in condition with no work is small. Just some food for thought as we move into the New Year.
Please be sure and review your market criteria, and let me know if you have any changes that need to be made.
Oh, and if you know someone who needs to buy or sell a home, I am always available to help your friends and family.
