I knew that this week's update would have to start with the very unsexy topic of interest rates. How could it not when they jumped up so significantly this week?
The average rate for a 30-year fixed rate loan was 3.22%, up a lot more from a year ago when rates were roughly 2.75%. It's expected that they will rise again come March, and inch closer to 4%. 
Some worry that this will not help the housing market at all, but instead will give potential sellers one more reason to stay put if they are locked into a good rate at their current home and don't want to lose that. I can relate- there is nothing like getting a good interest rate! It's a victory and saves so much over the life of the loan.
Traditionally in our area, mortgage rate increases don't have serious effects on the market. There are so many other incentives for people to move, and at these higher price points our buyer pool tends to be less sensitive to rate changes.
And come April, fees for buying a second home are going to increase when financing. According to an article on the website, Marketplace, "Redfin estimates that it will cost a typical buyer on a $400,000 home an extra $13,500 as regulators try to get a handle on the housing market." Of course, surf-side and country homes here are a lot more than $400,000 so that number will be much more significant to you. Mortgage brokers in resort areas are using this as a campaign to get people to buy their vacation homes now, but the problem is there is no inventory there either right now. My good friend who is a broker on the Cape shared this perspective. Three years ago there were 3000 homes for sale on Cape Cod, today there are 300!
I was holding my breath this week hoping for new listings in Metro West- a few nice homes came on in each town. Wow, will they be busy! I think the swell of covid cases and the bitter cold may have put off some listings for a few weeks. They will come though, I promise!! In fact I am off right now to meet with potential sellers! Wish me luck! Can't wait to navigate this spring market with you! I hope to entertain you and hopefully educate you in the process.
Stay warm this weekend, it's going to be a cold one!