Finally! Some good real estate news for buyers.
59% of homes are under contract within 2 weeks.
That’s the fastest pace on record. (source Redfin)
In our local market, 1 out of every 2 homes is under contract in less than 12 days.
When you factor in historically low mortgage rates and an increase in buyer demand, you end up with an incredibly competitive market for buyers.
So what’s the good news?
Mortgage applications have declined for 6 consecutive weeks. (source Housing Wire).
It’s hard to say for certain but this could be an indicator that we’ve reached peak demand. If demand decreases because of rising rates and we see a surge in new listings hitting the market like we typically do in the spring, this will create new opportunities to find that perfect home.
As always, I want to make sure that you’re in the know about all the important trends happening in our local market.
p.s. If you’re serious about buying a home this year, let’s connect. Text me at 617-921-5263 and we can set up a time to develop a winning strategy for you this year.