Welcome to October and Quarter 4!  Let's finish the year strong!

Let's clear the air on any housing panic as we enter the final quarter of the year.  Here is a really good excerpt from the Sam Ro - TKer newsletter:
"There are 147.9 million housing units in the U.S., of which 86.1 million are owner-occupied and about 39% are mortgage-free. Of those carrying mortgage debt, almost all have fixed-rate mortgages, and most of those mortgages have rates that were locked in before rates surged from 2021 lows. All of this is to say: Most homeowners are not particularly sensitive to the small weekly movements in home prices or mortgage rates."

We would need a lot of homeowners to sell their home, and new home builders to build way more and way faster.  We saw an increase in supply during the Summer, but it didn't even get close to "normal" levels.  As we enter the final quarter, sellers that are considering selling need to really consider at least some basic home improvements like deep cleaning, painting, floors/carpet and curb appeal.  Given the market's current state of weirdness, a Spring listing would be the most ideal and gives plenty of time for preparation over the next few months.  Buyers that are considering buying need to speak with a mortgage broker ASAP.  The whole buying process begins with understanding the nature of personal finances, any budget constraints and buying power.  Even if you believe you are two years away from buying, seriously, reach out to a lender now.

 

What are you seeing or hearing? I'd love to know paul@guiderealestate.com
Visit www.paulpelettarealtor.com