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Weekly MLS Market Numbers. Newly listed inventory fell by 15.38% and closings fell by 31.47%. The drop in closings is customary when the previous week's comparison included the final day of November. And as we approach Christmas, fewer sellers put their property on the market. Mark my words, this is going to be an active 2024...and in a good way.
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Floodgates are About to Unleash. I know rates have been high and they might still feel high. But they are now at the lowest levels since May. As I state nearly every week, this is a rate driven market with huge pent up demand. The Fed just indicated that they are done hiking rates and expect to lower them after mid year. This market is about to rip and I want to be the one you call to make your dreams happen!
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Rehab Loans. Most people can't afford or don't want to build a home from the ground up. There are some excellent conventional and FHA products that incorporate renovation expenses into the principal loan. This provides the ability to select which projects are important for your enjoyment and underwriting guidelines make certain that the contractor work is done correctly. Don't be afraid to turn an ugly duckling with good bones into your forever home with these products.
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Refi's Jump Nearly 20% on Low Rates. While this article focuses mostly on those that previously had to accept interest rates near 8%, it also illustrates the broader mortgage market. People can live with rates in the low 7's, people like rates in the mid 6's, and people love rates in the 5's. I don't think we will see them in the 3's eve again, but 6's will have everyone buying and selling and I am ready for it.
As always, please contact me to discuss your particular market. I look forward to connecting with you each Thursday and assisting when the time is right to buy or sell.
John Schroder
864.367.2539
Broker Associate
Keller Williams Western Upstate
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