Monday's Main Event - Vol. 47.0 - 09.11.2023

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... ...  As inventory continues to rise, are lower home prices in the future, or will mortgage rates come down first? August 2023 - Year To Date Final Year to Date through August we've seen a lag in Resale listings across the county of more than 20%, which has pushed average prices up.  However, in recent weeks inventories have started to build and the spread in the amount of available resale inventory is getting closer to last year with the month of August down only -17%.  This increase in inventory is putting pressure on prices, with nearly 50% of all resale homes currently on the market already discounted at least once from their original price, down roughly -9%. That said, Sellers are still getting top dollar with closed prices up +8% from last year and +19% from the 5 year average.   Interest rates remain high, although there was a slight decrease last week from the prior week.  Buyers and Sellers are still finding ways to make it work, including buying down rates and reassigning existing mortgages.   "Marry the House, Date the Rate" To sum it up...  With building inventories, there are indications of lower home prices coming in the near future.  While I don't expect to see them near where they were before the Covid pandemic, I do expect to see more homes sold below their original listed price to get the deal done. Click Here to start your home search, today! Help me, help you. Complete the Survey For those of us who lived through 9/11, we remember where we were, who we were with, and what we were doing.   I was in Manhattan, NY on 5th avenue and 33rd street when the first plane made impact.  There was a straight sightline to the World Trade Towers and we could see the devastation happening in front of our eyes.   It was a surreal day.  It was so hard to comprehend what was happening. Cell towers were down and there were long lines at pay phones with people trying to get ahold of loved ones.  It wasn't until around 4:30pm that day when the Amtrak rail lines were reopened and we could evacuate the island.   Pray for those who survived.  Mourn those who didn't.  Live life for today.  Never Forget. 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!