Now that summer is here, there is some question as to whether mortgage rates will increase significantly over the next few months. Opinions vary, with many suggesting it may remain flat or uptick slightly, depending on how quickly the Federal Reserve raises interest rates. While some may view higher interest rates as an unwelcome change, for home sellers it’s perfect timing. People who are thinking of buying a house are now incentivized to act quickly and lock in their loans this summer before rates change – even if they don’t. It’s all about perception.
And, that’s not the only good news for home sellers. The first quarter of 2015 was fairly good in North Florida, according to the Northeast Florida Association of Realtors (NEFAR). The Median Sales Price of homes increased 8.8 percent to $159,900 and Pending Sales are up 20.5 percent over the same period last year.
In addition, the number of Closed Sales also increased to 7,684; an 8.5 percent rise over this time last year.
Communities in Ponte Vedra, Southside, Baymeadows, and Jacksonville Beach also benefited from slight increases in home sales and the average price per square foot for homes sold.
So, what does this mean for anyone interested in selling their home this year? Right now is the perfect time to list your home and jump on the wave of borrowers who will be flooding the market trying to lock in their mortgage rates before the Fed raises interest rates as expected.