The Summer Market is Different From the Spring
Spring was absolutely crazy as the confluence of interest rates actually rising, tortuously low inventory levels and a blazing hot economy created a tough patch for home purchasers and a boon for home sellers (and mild schizophrenia for those doing both!). Summer has brought a slightly more settled market but continued booming sales. Last week region wide there were 770 sales compared to 688 in 2017 and 683 in 2016.
Inventory in certain areas continues to be a challenge but in others there are now some choices for buyers. Rising rates from the spring, which have stabilized, are having an interesting effect, one which will grow in prevalence as they continue to rise. People with low rate mortgages on their current home become more and more loath to give them up. So they are either staying and renovating/expanding or renting their home out and moving up.
For first time buyers and many move up folks in this region in particular the rising rates are not stopping them however as their incomes are often rising at an even greater rate.
Speaking of rentals there is only a one months supply on the market so if you are thinking of keeping your place and moving up give me a call to discuss how to do that and still secure your move up financing. I’ve got lots of creative options I can explain to you.
All in all we are expecting a continued excellent summer market. Great news!
It’s a good life.
Chris
