While many marketplaces across the country are preparing to slow down, Hartford County has seen similar sales in quarter one of 2019 as last year, combined with low mortgage rates.
In the first quarter of 2019, 3,394 new listings came on the market in Hartford County, down slightly from 3,612 last year. The number of properties that sold went up from 1,876 in 2018 to 1,897 in 2019. The average selling price for Q1 2019 was $241,705, with 75 days on the market on average. These trends show that the market in Hartford County is set to have a strong year.
As far as mortgage rate go, buyers are benefiting from low interest rates. The end of Q1 saw Conventional interest rates in the low 4’s and FHA interest rates in the high 3’s. While there are numerous mortgage loan options available, FHA and Conventional were used the most by buyers. Both of these loans have low down payment options and reasonable credit score requirements. Since January, 705 buyers in Hartford County closed with a Conventional Fixed mortgage, while 335 used an FHA loan.
For buyers who are just going under contract, you may be wondering if you should lock in your mortgage rate now, or take your chances and see if the rates drop even more. If your home is closing in 30 days or less, now is a good time to lock in. Always talk with your mortgage broker about this, as they know your full financial situation and details.
The spring market is the most active season in real estate for both buyers and sellers. As a buyer, being prepared with a pre-approval and a plan for a down-payment and closing costs will help you when looking for a home in a busy market.
Interested in your mortgage loan options? Contact us today.