Modesto Median Home Prices Seem To Be Settling Slightly According to Trends Report.
With children returning to school this week in the Modesto area, August can be an indicator as to how serious buyers are to purchase a home throughout the remainder of 2016.
Once families are settled with the daily grind and routines, it will be interesting to see, if we will see more buyers return to the real estate market. Also, will we see Sellers that have been on the fence about selling, possibly be prodded to list their homes, by seeing home values starting to settle.
Modesto had a 1.9 months supply of single family home inventory in July. Up from 1.7 months supply in June.
Modestans, definitely have a lot to think about with the uncertainty of whom, will be our next President. How the election will affect the economy and will we see interest rates rise.
Reality with interest rates being so low, money is inexpensive to finance.
Buyers discouragement could possibly set in, while looking back to 2016 and remembering, how low interest rates were and how much of a home, could have been purchased with such low rates.
I remember being so proud, when I bought my first home with a 10 percent interest rate on an FHA loan, compared to friends that had 12 percent interest rates. I hear stories of what it was like having 18 percent interest rates. Mind blowing, while thinking of our current rates.
Sellers have an opportunity also, prior to going into the cooling months to capitalize on selling at the top of the market.
Thought for the day – there’s only a minority of people that are successful to time the market to sell high and buy low.