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 MoreMany of these fixer-upper homes on the beach are old… and unlike a fine wine, they don’t get better with age. In these 1950-60s concrete bunkers, it’s common to find plenty of old plumbing and electrical systems… like cast iron drain lines, slab leaks, ancient fire-hazard electrical panels, and even the occasional cloth wiring. Many have original single-pane windows and sticky sliding glass doors that require the old broomstick in the track security system.
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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