- What is being sold has changed. This will cause a lower price per sq. ft. for homes sold due to the mix favoring lower priced housing. If you see headlines saying the prices are dropping due to lower price per square foot – realize that is not a price drop but rather that the homes being sold are less expensive.
- Mortgage rates are down from this time last year. The biggest mistake buyers can make is waiting for price drops that are not coming. Low mortgage rates are not something to ignore or take for granted as they can change quickly.
Our thanks to Tina Tamboer of the Cromford Report for providing market statistics. To summarize, we believe the impact of the Pandemic has been largely in reduced numbers of transactions. The jump in contracts suggests the worst of the impact is behind us. There are blue skies ahead. If you have questions on buying or selling or how to do so “safely” in this market – we are here to explain all of your options.