Happy New Year! Hope everyone had a wonderful holiday season!
2018 was a great year for real estate in The Golden Isles. Over 1,700 residential properties were sold in Glynn County alone. Interest rates did increase during 2018 but fell to 4.62%, for a 30-year fixed rate mortgage, by the end of the year. Your interest rate not only greatly impacts your monthly housing costs, but also impacts your purchasing power. Interest rates are expected to rise in 2019 so if you are planning to purchase in 2019 you may want to start your home search sooner rather than later.
Due to housing inventory home prices have increased year-after-year for the last 5 years. Sellers have benefited from this lack of inventory, but we are starting to see a shift in housing inventory. Since June inventory levels have started to increase as compared to the same time last year. If selling is something you have been considering for 2019 you may want to get the process started in order to take advantage of the lower inventory levels.
It is important to speak with a local real estate agent to stay up to date on mortgage rates and your local market’s inventory levels. If you are planning to buy or sell on Saint Simons or the surrounding area I would love to be your local real estate agent!