Eagle River Market update August 11, 2009

8/11/2009

Here is the Eagle River Real Estate market update for this week.  Last week we saw continued strong activity in our local real estate market.  17 homes pended (accepted contracts), while there we only 14 new homes listed for sale.  Current inventory levels continue to drop, and I hear from other Realtors that buyers are having a harder time finding what they're really looking for.

Interest rates have remained steady, with minor ups and downs.  Current rates range from 5% to 5.375% for 30 year mortgages.  There are several new rules in the lending world that make it a little more time consuming to purchase a home.  The good news is that there is plenty of money available if you wish to buy. 

If you are considering buying I would do it now before the interest rates go up.  With the economic stimulus monies floating around most economists believe it is only a matter of time before we some inflation and interest rates have to go up.

Better to get what you want now, while you can afford it.

Eric Bushnell Comment