Friday, December 1, 2023

Interest Rates Improve

The last couple weeks has seen a nice measurable improvement in rates. Hopefully this will stabilize and allow home buyers that extra bit of breathing room. I doubt rate will improve a whole lot more but maybe the Fed will settle down a bit and just let these current rates percolate a bit before jumping to any conclusions about inflation.

Right now excellent borrowers are seeing rates in the range if 7.25% to 7.75% and borrowers with some financial and credit challenges are getting approved in the 7.75%-8.25% range. Although this seems high relative to recent rates just a couple years ago, this is only a little higher than the 50 year average. It would be nice to see some more relief maybe getting the "A" borrowers back under 7% but I am not holding my breath. This upcoming year is an election year so the politicians in power right now will want to hang on to that power so they may pass legislation or use other political maneuvering to try and ease the "pain" so as to stay in power. Perhaps the Fed will hold tight for now.

Prices on homes continue to be flat and stable. The median price in most local sub markets remains about what it was a year ago maybe a tad less or a tad more depending on the specific area.   

Friday, November 24, 2023

Happy Thanksgiving and Black Friday

Well it's Black Friday today and that means all the stores will be extra crowded today, oh goodie ;) I do hope you all enjoyed your Thanksgiving. Those of you thinking about buying or selling from this point forward to the end of the year, remember that it can actually be a good time to be either a buyer or seller in  during the holidays. I know, I know, I harp on this every year. But look-loo buyers tend to go away during the holidays, people have too much going on to waste time poking around at houses they are not going to buy. So seller's can capitalize on a smaller group of serious buyers. Meanwhile fewer sellers are in the market because let's face it, it's already a pain in the backside to have your home on the market and during the holidays that pain is much worse. Many sellers choose to wait till after the holidays to list their home or they pull it off the market until January.

All the rules still apply, keep the driveway and front walk free of slippery leaves or snow and ice. Salt the walkway on cold days and keep the rain gutters clear. Minimize clutter and don't make it difficult for buyers to show the home. Buyers you can take advantage of the fact that sellers during this time period tend to be a bit more motivated.

All in all our local market still favors sellers but only modestly so, sellers cannot count on multiple offers any longer so if you write something reasonable on a listed home, there is a solid chance you will get the home. 

Happy Holidays!

Friday, November 17, 2023

Holidays and Winter Weather Lie Ahead.

Yes the holidays are upon us once again and so my annual advice for listing homes in the holidays and winter months is due. I have said many times that the Holidays can be a good time to sell because often competing properties are either delayed until January or withdrawn for mt eh Markey until after the holidays. Buyers tend to be serious during this period of time as do sellers, so it's a good time for both buyers and sellers.

During this period of mid-Fall sellers need to be sure to keep the leaves clear on the driveway and walkways leading to the house. Be sure to keep rain gutters clear as well to avoid clogged downspouts that back up water and leave a wet dripping mess for your would be buyers. Leaving the nice leaves with their Autumn hues on the lawn is fine, but make sure your clean them up when they start to turn brown or get mushy. That which is beautiful can quickly become an eye-sore. 

As the season progresses and we start seeing winter weather, be sure to keep the driveway and walkways clear of snow and other debris that accumulates after big storms. You want your listing to be enticing and you don't want to lose out on a potential buyer because they feel they can't traverse the slippery surfaces that can arise in Autumn and Winter.