The real estate market is starting to correct itself. Between low inventory and rising interest rates, the market is starting to balance out. Notice I said balance out. I did not say it will favor buyers or sellers because it is too early to tell which way the pendulum will swing. Truth be told, I do not think it will swing fully to one side or the other but I…
Interest rates continue to climb. The rate on a 30 year fixed as of July 8th was 6.4%. In comparison, rates were in the mid fours four months ago. So what does that mean if you are pre-approved? It means you need to contact your loan officer and adjust that pre-approval letter. With interest rates soaring, it will impact your buying power. What you could afford in March April or…
Rhode Island governor Dan McKee announced a new program last week that could help first time homebuyers buy their first home. The program is called FirstGenHomeRI. It is only available in select communities right now but if you are a first generation, first time homebuyer, you could be eligible for up to $25,000 towards a down payment. The program could be very helpful for first time homebuyers who may not…
Active Single Family Listings: 3 2021 Median Sale Price: Median Sale Price for January: $695,000 Closed Sales in 2021: 20 Pending Sales to Date: 7 Cumulative Days On Market: 29 Mansfield Town Facts: Mansfield is a medium sized community. It has a population of 23,860 people with four primary neighborhoods. 87% of the workforce in Mansfield works in white collar jobs. The average commute time for Mansfield residents is 33 minutes. The per…
Interest rates are climbing. It is a trend that started last year. The average rate for a 30 year fixed mortgage was 2.65% in January of 2021. Rates have gradually increased since. They peaked for the year in December at 3.1% percent. Rates have continued to climb since the start of the new year and are currently 3.45% for a 30 year fixed mortgage. Unfortunately this was coming. Real estate…
Could it be? Could we be finally starting to see the shift in the market that we have been waiting for? Well, not so fast but signs are pointing in the right direction. Competition among offers was down in the month of June nationally but competition amongst buyers is still higher than it was a year ago. So while we’re still seeing a lot of competition among buyers, there may…
Home sales (and values) have been on a strong uptick nationwide thanks to low interest rates, freer lending standards and a drop in the foreclosure rate. Sellers everywhere are breathing a giant, collective sigh of relief! But for all of the buyer activity, it seems like most houses sit on one end of two extremes: they either get snatched up the moment they hit the market (with multiple offers and…
As Memorial Day approaches, people are getting their homes ready for the summer season. Spring is usually a time of year where people do a lot of projects around the house. From landscaping to touching up the exterior of your home to additions, the spring is DIY (Do It Yourself) season. Unfortunately, it is tough to do it yourself this spring with the rising cost of products. For example, take…
Here is your market update for Norfolk County for April 2021 Norwood Pending Sales: 28 Closing Sales: 14 Median Sales Price: $517,500 Cumulative Days On Market: 15 Dedham Pending Sales: 36 Closing Sales: 20 Median Sales Price: $636,500 Cumulative Days On Market: 19 Walpole Pending Sales: 16 Closing Sales: 10 Median Sales Price: $597,750 Cumulative Days On Market: 17 Canton Pending Sales: 38 Closing Sales: 12 Median Sales Price: $732,250…
Escalation clauses are all the rage in real estate these days. Buyer agents are including them in more and more offers as a way to give their clients an opportunity to compete for a property. So what are escalation clauses? Simply put, an escalation clause is the buyer telling the seller that they will pay a certain price for their home but if the seller gets a higher offer, the…