I write this note to everyone as the spring selling season is drawing to a close. While it will still be a few days before the final statistics will be in, the trend this year has been for a continued shortage of it home inventory, and, in Newton and the surrounding area, home prices are selling, on average, at a price that is up to 105% of the asking price when the asking price is priced up to $1.5 million.
Interest rates are up slightly over the past year, and while the trend overall has been for a generally very slowly rising interest-rate, rates do not rise on a straight line, and there’s plenty of downward pressure on rates from various competitive financing programs. Rates are still rather low when compared to rates from all but the last few years.
While the most urgent of buyers have likely made their decision by now, there is one small blip in the marketplace that comes right after July 4 weekend and lasts until about the end of July, when those people who must have a new home by Labor Day in order to be able to enroll their children in a school system must make a decision. With closings generally needing 30 days or more with conventional financing, that means that this wave of Buyers will have to make a decision by the end of July.
Until next month,