As many of you know I am a former television journalist, so I am always looking at ANY headline with a healthy dose of skepticism. I don’t assume that they’re wrong, but I like to question everything to find the story behind the story.
When I see headline after headline about the market softening, I am skeptical, because my experiences here do not indicate a startling shift just yet. An adorable house in a very desirable Concord neighborhood was listed for $1,495,000 and created a frenzy of interest. With an offer deadline set for 4 days after it hit the market, there were 8 offers submitted. The house ended up going for almost 20% higher than the asking price. You can bet that there was not an inspection or financing contingency on that offer.
Other newly listed houses in the area are selling in a matter of hours if the broker is not holding offers off for a few days. You will notice that more houses for lingering than were sold last week. I continue to think it's more a symptom of the fall market, which is just slower and has less buyers. (Wayland was the exception- my hometown continues to impress with it's robust market!)
What we can't deny is that the mortgage rates are creeping up, and continue to do so as the news about the economy remains positive. This week an average 30-year fixed rate was 3.10% versus 3.03% just last week! This will put a dent in refinances - but we typically aren't terribly affected here by interest rates.
I am writing this week's blog from gorgeous Provincetown, Cape Cod. I love to follow the market on the Cape and of course love to check out houses for sale here. According to the Warren Group (a real estate watch group) - 
 
Houses on Cape Cod have shot up an average of 30.2% since the first half of 2020! 
In two years, prices rose an incredible 52% in Martha's Vineyard!
I look forward to apple picking this weekend with my clients! It will be good to connect with everyone! If I don't see you there, have an amazing week.
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