Market Update Week of 10/20/2023

We are at a 23 year high right now! I am talking about interest rates this week that surged to nearly 8%. This seems to satisfy the federal reserve for now which indicated it will show restraint at its next meeting and hold steady without an increase. Hopefully a mortgage rate that kisses 9% doesn't seem likely right now, or hopefully ever!

While putting in an offer for my buyers last night we scrambled to connect with mortgage brokers. It seems we landed a rate in the high 6%'s which will be an adjustable product. (fixed rate for 5-7 years with an increase after that) That lessens the monthly payment! I was impressed with my buyer's resolve to get their dream home. They were certainly bold and decisive and it paid off. Well done and congratulations!

Other players in the fall market, at least around here, seem just as determined to buy or sell their home and they aren't allowing much to scare them away. This week a stunning amount of properties went under contract quickly! The time on the market for most of those was just a matter of days with the exception of some high end listings which took a few weeks/months to sell after a price reduction. What's not shown her are houses that sold "off market", meaning not on MLS. They also boasted some hefty price tags demonstrating there is still life in the luxury sector. 

Move quickly on a house you like, because there is a good chance it will be scooped up by someone else if you don't. Updated colonial homes that are set in very desired locations are in demand. Condition, location and pricing equals a win- during all real estate climates. Don't stray from the basics!

A few weeks from now as we edge towards Thanksgiving, I guarantee we will see a sleepier market. That will just be a symptom that you and I will be hunkering down for the holidays.

The Israel- Hamas war is in the back of my minds as I try to focus on tasks that must be done. Each day there is great worry for my family in Israel who have lost friends or friends of friends from the terrorist attack. It is concerning the uptick of anti-semitism that's around us, but it's also so comforting to hear from clients and friends who stand up against hate and support the Jewish people and Israel. Thank you!

On a positive note- it was great to see so many colleagues, friends and clients at our office grand opening. We are so proud of the Metro West MGS Group Office in Linden Square- Wellesley. Stop by if you are in the area!

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.