Low Interest Rates & Rising Inventory Is The Good News For Buyers.

Interest rates continue to rest at historic lows. According to Jerome Prazak at Prime Lending Prescott Valley, Interest rates for "A" Credit borrowers is still in the mid to low 4s. The question everyone is asking is, "How long will they last before they start to rise"? The answer is, "We don't know!". People have been predicting their rise for quite some time. Rates did actually rise a few months ago into the high 4% and low 5% range but we have seen a decrease in the last couple of months.

While we don't know when they are going to rise, we do know they are still good. So given the fact that rates are likely to rise at some point and prices are definitely rising as we speak, now's a good time to take advantage of the low rates.

Another piece of good news for buyers is that rising selection of properties for sale. Inventories have risen significantly since last year and in comparison to last month they have risen across the Quad-City area by over 9%. Inventories have risen since May 4 by nearly 4% to 1,009 homes for sale as of today. Click here to see some charts and graphs.

Normally, this would automatically signal a price reduction, but buyer activity has surged too and market times indicate we still only have about a 3 months supply of homes which is still well in the seller market territory.