Monday's Main Event - Vol. 46.0 - 09.04.2023

 

Monday's Main Event Get a jump on your week with the latest in local Real Estate Market trends, Mortgage Rates, and Local Happenings The Main Story... ...  Inventory levels have climbed a bit since the end of July, and prices remain robust, so what about the bubble? August 2023 - Month Final Closings for August were up slightly from July, but down from last August while the average price of a home that was closed on approached $600,000 - up nearly +12% from last year and +21% from the 5 year average. Active listings continue to increase with the average Days on Market at about 22 days.  This is still considerably below the average DOM of 2020 (32 days) and 2019 (42 days).  We can see this increased velocity with only 55% of the homes that came on the market in August still available. Interest rates... Blech!   The last time that we saw rates above 7% was in 2001, around this time of the year and the "market bubble burst" didn't happen until 7 years later.    History shows interest rates started to decline toward the end of the first quarter of 2002 and home sales started to increase in both units and price.  A lot of appreciation value happened from 2001 to 2007, in spite of 6%+ interest rates.  Timing is everything.   "Marry the House, Date the Rate", as they say. To sum it up...  Home prices have held steady for the last year, even with the higher interest rates and Buyers are buying when the right home comes on the market OR the price get's discounted by an acceptable amount.  There's no way of actually predicting an housing bubble, but knowing that lending rules have changed so much from 2007/2008, I expect some attrition over time, but nothing like 15 years ago. Click Here to start your home search, today! Help me, help you. Complete the Survey I had a wonderful week off, last week.  Time spent in Cape Cod celebrating my 4th year anniversary and disconnecting a bit.  On a Foggy Day we visited the Cape Cod Highland Lighthouse in Truro.  The original location of the lighthouse has since fallen into the sea, but the lighthouse was moved and spared before that happened.  The fog really made this an extra special experience.  I highly recommend a visit to the outer cape and it's untouched beauty. Forward this to a Friend Real Estate Portfolio Analysis Stay up to date on your home valuations and real estate assets with a real estate portfolio review. New Newsletter Content Want something that you don’t see in this newsletter? Hit reply and let me know! Local Business Recommendations Reach out to me for any home improvement project contractors, or even food & activity recommendations. New Newsletter Content Want something that you don’t see in this newsletter? Hit reply and let me know!