Temps cool but real estate market remains hot

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Lisa Y. Shaw Broker Associate 508-826-7661 lisasells@remaxexec.com www.lisashawsells.com
Lisa Y. Shaw
Broker Associate
508-826-7661
[email protected]
www.lisashawsells.com

The crazy hot summer days are likely over and cooler weather is setting in but the real estate market remains hot. Rates have even cooled off a bit compared to where they were at the beginning of the summer.

Last week I had two buyers lock in their 30-year fixed rates for their home purchases in the mid 4% range. While rates are expected to continue to fluctuate slightly for the rest of the year, there are still many opportunities to lock in good rates.

If you’re unsure how the rate has affected your buying power, contact our mortgage broker and potentially even reach out to another just to make sure the quote you had is the best option. Many lending institutions have special programs for all different types of loans and buyers. Also, you may have alternate options depending on what type of lending institution you use. Smaller credit unions sometimes have more flexibility and offer “in-house” rates, etc. It’s well worth looking into. For some competitive options, feel free to reach out and I can offer some suggestions.

There’s more to the fall market than what was going on in the spring and early summer too. If you’re one of the buyers who decided to put the brakes on for a little while and take a break for the last few months, you’re in luck; things have lightened up a bit. While there is still high demand for properties, and some homes are still going over asking, many properties are also initiating price reductions, and sellers are a bit more accepting of buyers contingencies. There’s a better possibility now than there was in the spring that you won’t have to waive a home inspection or bring $50k over appraisal to the table. Now may be a good time to restart your search. You also won’t be competing with the buyers that needed to be in their new home before school started again, another advantage to buying in the fall.

Lastly, summer vacations are over and fall is a time for people to get back to their normal routines and schedules, making it easier for sellers to put their homes on the market, so inventory usually sees an uptick this month too. In August we saw a slight downturn in showings requested and offers, mostly due to vacations and the extreme heat we endured, but with the cooler weather and people back on track, things should look good for both buyers and sellers, less stressful for buyers, but also still competitive for sellers — a good mix for our beautiful autumn in New England!

So enjoy the cooler days and some local fun. It’s a great time to support local farms and businesses, shop local veggies, enjoy fall festivals and get the last of our summer days in. The real estate market remains strong but a little less intimidating! Email or call me for more information, [email protected] 508 826-7661.

Temps cool but real estate market remains hot

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