Showing houses is an exhilarating and well-needed workout! Lots of trips up and down stairways, turning lights on and off, and conducting guided tours. I am constantly talking, selling, counseling and smiling - and we are having fun, that's the good part. On Friday, our online schedule had 24 showings throughout the day spread between our listings and buyers. We met a lot of people and it's such a treat! Camping out all day in the beautiful homes we sell is a true privilege too. The profile of buyers flooding the market includes some traveling from overseas, and some transferring here for work from other states. The world is clearly opening up! In fact, a colleague I was with during a showing received a call from a Ukrainian woman who escaped to Poland and was looking to move her family to Wellesley! She was asking about our market and the process to buy. Incredible!
As you know, I keep my eye on the interest rates - but to be honest there has not been much talk about it among buyers . Their determination to land a house seems to outweigh any concerns they may have about paying a few dollars more a month. At one property, we had six pre-inspections, so you can tell that their focus is on the prize-for some at whatever cost it takes. The average rate this week for a fixed rate jumbo loan is 4.67%. In January, an average home loan was in the low 3% range. However, while mortgage brokers report home refinancing applications are down, they are still seeing an increase in applications for purchases. In my opinion, what seems to be the biggest deterrent for some people is buyer fatigue.
This week a good number of new listings were presented, offering a variety of different price ranges and styles in most towns (although Weston had a slower week)! The inventory boost was refreshing, to say the least - feels a little like old times. My guess is that for the most part, they will all go under contract. It's only Saturday and I noticed a few homes already flagged on MLS as already having accepted an offer.
I wanted to end with one design tip that stuck with me this week. A client with an eye for style and design told me, black is the new neutral. She adds a pop of black in her rooms as if it were white, grey or beige. I found it genius and she's right. It's not expected but really pleasing. So if you want to take change things up, why not try black in your room.