There's an energy force around us in the fall that's unmistakable each year. A feeling of moving away from some things such as lazy summer days, warmer temperatures and outdoor activities, while simultaneously this is the perfect time for new starts and second chances.

Come Labor Day agents are busy again launching listings and keeping an eye on the prize for buyers who are giddy with excitement, hoping for a new crop of properties.

 

This year is no different- the only ingredient that makes it more unique from the last few seasons are the higher interest rates. Although last fall was when mortgage rates started to inch up, and buyers seemed to freeze momentarily until they became used to the new norm. That was a noticeable slow period which I don't expect to see this year.

Right now snagging a mortgage in the 6% range is a treat, (the things we get used to) and they are out there. Call me and I will be happy to share names of people who can help you. 

It is hard to categorize this market as struggling or strong. There are so many important points at play, but I know when I am out with clients and they see a house they love, its business as usual and they are excited to move forward with a purchase. In real time those who are in the game are determined, despite the list of points below.

 

  • Rates are high which lessens buying power.
  • Sellers are still staying put if they don't want to trade out of a low payment on their home for a higher mortgage payment.
  • Inventory is low since sellers are staying put.
  • Rents are VERY high (especially in the burbs) since some buyers are on the sidelines to make a purchase.
  • Pricing matters for sellers even with the low inventory- pricing reasonably is key- and we are seeing many more reductions than in the past if a buyer deems the asking price as unreasonable.

 

Here are last week's numbers. A little less robust in terms of new accepted offers since the focus has been on vacations and back to school. I am working on really special listings for the fall which we can share very soon. So stay tuned and stay cool! 

I'm always available and more than happy to provide an analysis for you! Email me at teri@mgsgrouprealestate.com or call at 617-306-3642 to schedule a meeting.

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