I know many of you have been wondering why home prices haven't gone down, despite the rising mortgage interest rates. Well, let's dive into the current state of our local residential real estate market and clear up some misconceptions. I promise to keep it light and fun!
Read MoreSearching for a new home can be a very time consuming process. You start out casually searching Zillow to “just see what’s out there” and then BOOM, you’ve bookmarked 20 homes and you’re receiving 10 emails and calls a day from every realtor in the county. Friends, here’s the unfortunate truth: real estate apps and websites are fun… but they’re not really all that useful.
Read MoreOK, deep breath. Let’s process this… It’s clear the market has slowed down significantly the past few months. The number of transactions occurring is down by almost 25% since last year. Why? Mortgage interest rates increased dramatically – we have been spoiled with ridiculously low rates from 2-4% over the past several years. Recently rates peaked in mid-October and we saw 7-8% for a 30 year fixed loan.
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