Inventory is up and interest rates are rising in our market. If you’re a buyer, I recommend buying now.
The fourth quarter has begun in our market, which means it’s my favorite time of year. Football season is underway, hockey season is just starting, the Red Sox are in the playoffs, Halloween is coming up, and there’s pumpkin beer everywhere.
Just like the color of the leaves, our market is starting to change. Not only is inventory increasing, but interest rates are rising as well. Right now, they’re between 4.75% and 5%, which is about a full point higher than where they were last year during this time.
"Just like the color of the leaves, our market is starting to change."
What does this mean? If you’re buyer, I’ve always believed that fall is the best time to buy because that’s when inventory is at its highest. Long gone are the days we saw this past spring where properties were getting multiple offers and selling way above their list price.
If you’re a seller, you need to be careful with how you price your home in this market. If you overprice your property or try to test the market just a little bit, it could cost you a lot of money in the long run.
If you have any other questions about our market or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d be happy to help you.