Get a jump on your week with the latest in local Real Estate Market trends, Mortgage Rates, and Local Happenings
The Main Story...
... New construction homes are still very much a part of the current market landscape...
but, be prepared to pay a little more than the average Resale home.
June 2023 - Final
This is probably one of my favorite ways to look at the local market stats. As we talk a lot about the decline in sales and the increase in prices from last year, this illustrates a little more clearly the disparity between New Construction and Resale homes.
With the exception of East of Rt. 1, New Construction prices out pace their Resale counterparts, but the volume of Resale homes sold in the other 3 quadrants are dramatically higher than the New Construction in the same quadrant.
This is particularly interesting when you're evaluating your own personal situation - whether a buyer or a seller - and what you're expectations should be in a given area. With that in mind, as New Construction homes resell in the future, the Resale average prices will increase in time. In fact, we are already seeing some homes that were just built a few years ago coming on the market.
Another disappointing week with interest rates, but there are sellers out there who have Assignable Mortgages in the 2 and 3% range, that current buyers can take advantage of to dramatically reduce their monthly expense.
"Marry the House, Date the Rate", as they say.
To sum it up...
Year to date, New Construction homes are still a significant portion of the pie, representing more than 40% of the total closings so far this year.
Average home prices have slowed in the Resale sector, but resales of current New Construction homes in the coming months and years will continue to push the average resale prices up.
Mortgage rates, although high, aren't the only thing to consider when factoring a monthly budget. Assignable mortgages can get a buyer into a home at a very low interest rate for many, many years to come. If you're unclear on how this works, please let me know. I'm happy to explain it.
Whether you're looking to Buy, Sell, or just do some curious snooping my website is a great source of current market availability.
If you're not getting daily or weekly market updates, I can set you up with a custom search to your specific criteria so you get results in your email inbox, regularly.
The mobile app version is a great way to take it on the go, too!
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