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Five weeks in a row!
I promised to keep track of mortgage purchase applications since the beginning of October. November saw all four weeks print positive increases, and now the first week in December. These increases in applications are coming despite steady increases in mortgage rates, currently around 6.99%. This is showing us an early look at demand appetite as we head into the hottest real estate season of the year, Spring. If you know someone thinking about buying soon, I highly encourage reaching out to a mortgage broker...like, yesterday.
Switching gears to the actual market currently, we are seeing seasonality in full swing. Less active homes, less pending sales, less closed sales, all down 10% MoM. The average DOM is still hovering at 30 days. Many sellers around this time begin showing signs of exhaustion. What does this mean? Sellers are content to let their current listing expire or even outright cancel them. Personally, this is really good for me as a core aspect of my business is sending letters to these homeowners. There are four common reasons a listing does not sell: unrealistic pricing, not enough exposure, not presented properly, and mistiming of the market. There are also four not so obvious reasons a listing does not sell: a non-cohesive relationship between the seller and the agent, the agent is not prospecting properly, no open houses, and the home is in need of too many repairs.
Keep these in mind the next time you consider selling a home. Keep me in mind if you know of anyone struggling to sell their home or with their current agent.
Next week's newsletter will be shorter than usual. I hope you have a great few days with loved ones over the coming week and weekends.
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