While mortgage applications dipped a bit in number during February of 2019, favorable economic indicators, along with lowering rates, may increase mortgage activity during March of 2019, good news for home buyers and sellers alike.
Rates have Dropped
During February, 30-year-fixed mortgage rates went down a bit, hovering back near 4.5 percent. At the same time, 15-year-fixed-rate mortgages went up and adjustable-rate mortgages went down. The total number of mortgage applications fell during January, as did refinance activity.
There was also evidence that home sellers are more interested in moving their properties quickly, with the average nationwide asking price going down in January. Economic experts are optimistic about this, as job numbers remain good and wages have gone up a bit; good news for those who have a home on the market.
Experts say that one area to watch is the homes that first-time buyers tend to gravitate toward. If you’re looking for your first property in Smyrna, expect the market for first-time buyers to be good. Even when the housing market starts the year a bit slow, as it did this year, those trends aren’t universally felt across all markets.
What About the Smyrna Real Estate Market?
The Smyrna real estate market has fared well in many regards. Median home prices have shown a six-percent rise year to year, the community has good schools, and a high percentage of homeowners versus renters. Smyrna also has a high percentage of residents with a college education; nearly sixty percent. These and other factors have consistently made it a popular place for home buyers.
When you’re looking for a property in Smyrna to call your own, remember that current local market information, and even current information on properties adjacent to the one you’re interested in purchasing, might be far more important than information regarding the national trends in real estate, mortgage rates, or other factors that affect those looking for a home.
Your Realtor is able to provide you with a range of tools to help get the best deal on the property you want, including detailed market analysis and more. If you’re truly worried about the real estate market nationwide, statewide, or at another, larger scale, ask your Realtor how those trends have affected the Smyrna real estate market. Your Realtor is, by far, the best source of information on local trends.