October showed a bit of a slow down in the Franklin county housing market with numbers down slightly over the same time last year, and down a bit more over the September numbers. The average price of all homes to sell in the county sat at $178,228, down 2.06% over the same time last year. When looking at just detached homes, the average was at $185,107, down 2.4% over the same time last year. The biggest number is 722. That’s the number of active listings on the market in October and that represents a 15% DECLINE over last year. When looking more closely at the number of homes on the market and subtracting out new construction and homes not yet in the ground, the number is closer to 600!! If you are considering selling, it is not too soon to start talking. The winter is often a good time to sell, especially with less competition. As always, contact me if you’d like to know the value of your home.
The average price of a single family home increased by 5% overall, 3.34% for detached homes, over the same time last September and the inventory numbers continue at a lower level with active listings off 14% over last year. There was a healthy increase of 10% in the number of detached homes that sold and an even more robust 17% increase in attached homes that sold in September. Click on the link below to view the latest statistics.
There’s still time to get your home on the market before the holidays. Contact us for a “Free Market Analysis” to find out the value of your home!
Well maintained, 2009 Commodore “Astra” doublewide in Mt. Rock Manor featuring 3 bedrooms, 2 baths and over 1,500 square feet of living space. All appliances convey including washer, dryer, and freezer… $69,500. Call us for details or to schedule a showing.
From Ted Gosnell, Integrity Home Mortgage……
The Party is over! Mortgage rates are on the rise!
According to Janet Yellen, the chairperson of the Federal Reserve, the Fed will begin to reduce their purchases of mortgage-backed securities (MBS) and will in fact begin selling the ones currently held in their portfolio. This means private investors must begin buying a larger portion of these MBS instruments and the private sector won’t be required by Federal Mandate to accept such low yields as the Fed was and therefore mortgage rates are probably going to begin to rise. The Federal Reserve currently owns roughly one third of all outstanding mortgages in the United States and as they begin to reduce their MBS holdings, mortgage rates are likely to rise.
Additionally most investors had felt confident that we wouldn’t see another Fed rate hike this year; yesterday Janet Yellen pretty much said “WRONG” and continued by also saying, not only would we probably see another rate hike in December, but we’d probably also see at least three rate hikes next year.