Real Estate - Keeping it Simple

Again, homes are selling and prices continue to go up, yet we still have very low inventory!

Yes, the Spring real estate market is underway, seeing a few more properties come on the market, yet even with higher interest rates homes are still going up in value and selling quickly

As we go forward and tranistion to the new state law I wanted to share my insights on the obligations of buyers agents as they represent buyers, as it pertains to the new law. Feel free to reach out with any questions or concerns.

Yes, even with low inventory we are seeing homes sale, with some homes getting multiple offers.

Yes, we continue to struggle with very low inventory, yet buyers are looking and buying homes with a few homes being sold after receiving multiple offers. If we see any interest rate reductions I think the market will get busier with more buyer activity and the inventory will contuinue to shrink as all indications are that we will not see any increase in any inventory for the next few years

What is going on with the mortgage rates? What does it look like for interest rates in the near future? Are there and loan programs that are appealing to buyers? Is this a good time to buy or sell?

Happy New Year! December was another month of continued low inventory, the only real highlight was that interest rates had fallen to the low 6% which helped with increased sales. I believe that rates will fall to the mid 5's by the spring of 2024. As a reminder, Jan 1 2024 ALL buyers MUST sign the new state approved Buyer Broker Service Agreement. Thinking of selling? Get your home prepared to sell. If you are looking to buy a home then get pre-approved for financing. I expect a busy 1st quarter for 2024 with good homes selling quickly

Yes, interest rates continue to go down, and Yes home are selling!

Starting Jan 2024 there will be new rules on buyer representation, written contracts, that will include how the buyer broker will be compensated, either from the seller(s) or the buyer(s).

YES, homes are still selling, YES buyers are looking and YES interest rates have gone down for the last 2 weeks. - There are lots of great homes to buy!

Yes, the market is still very active with lots of buyer interest in "good" homes (homes in good condition and preiced according to current market valuations) even with higher interest rates. We also have new state laws taking place effective January 2024, have a discussion with your real estate Agent/Broker about the changes as this will affect BOTH Buyers and Sellers.