In the world of real estate, interest rates were the headline this week. Rates inched up, causing a decline in mortgage applications nationally. According to CNBC.com, "The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) increased to 3.08% from 2.98%, with points increasing to 0.46 from 0.43 (including the origination fee) for loans with a 20% down payment. That rate was 65 basis points higher than a year ago."
 
Now, let's put this in perspective: interest rates are historically low, so this slight increase still leaves us with amazing rates when looking at the big picture. That said, this small change can still affect your buying power.
Over the weekend, I had the pleasure of talking with brokers in the southern part of the country and I learned that their tight housing market is equally as frustrating as ours in all price ranges. They are seeing an influx of people from the northeast moving down south since people can now work from home or begin their retirement a little bit earlier. Houses are flying off the market in a matter of hours. Even homes in subpar condition or on a busy road are selling quickly.
 
That said, I feel very optimistic that the inventory will start to build up in a healthy way again. I recently met with 5 potential sellers in our area, all with beautiful homes that will most likely come on the market soon. I am sure my colleagues are out doing the same, ready to showcase some lovely homes in the future.
In Massachusetts this week, the temperature has been warm for us (over 40 degrees in February!), so I think that also brings people hope that things are looking up on all fronts. Spring is such a welcome gift to all of us each year, and this is especially true in 2021. 
 
If you are thinking of buying or selling your home, please reach out. I would love to help you start that journey.
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