This Month's Market

Looking Back @ Nov 2022

12/15/2022

Tis the season to be a buyer! Take advantage of the Holiday slowdown and get into somewhere soon with almost nothing out of pocket due to seller concessions, SIGN UP WITH US! What we're seeing across the board is new listings slowing down as agents across the state advise their clients to hold off if they can until the New Year. What the numbers also re-enforce is the fact that some sellers are still getting punished for asking for too much and their agents misadvising or not advising them back into reality. As the season comes around, it'll become increasingly important for people to hire better agents who know how to accurately price the home, negotiate the deal, and showcase your property in the best light. The types of buyers that will be winning right now will be first-time homebuyers and VA as they can take advantage of the easing in interest rates along with pressured sellers and agents. This allows for many of our veteran clients to walk away with a home in hand at no extra cash required out of pocket. In some cases, they even walked away with cash redisbursed back to them! Imagine that: leaving a purchase of a home with cash in hand! Winter is a great time for locals to take advantage of the holiday slump and get a much better deal than they normally would have. The Fed also just announced a pivot around the corner with its new statement on the economy and interest rate adjustments. The mortgage market dropped about 0.5% on the news. The concerns expressed around this announcement were more centered on a job opening + workforce participation gap where there appears to be a deficit of around 3 million workers to the jobs reportedly available. In my opinion, this is partially due to incentives provided by the covid acts which push companies to keep job openings but not actually hire as many of the loans they took out were based on returning to normal employment levels. For now, I wouldn't get too hopeful of a recovery as the fundamentals of the nation and energy production are still weak and interest rates still lag severely behind real and reported inflation. The first sign of a healthy economy is when interest rates are about 1-2 points above the inflation rate.