My new listing at 7616 Prescott Way was listed last Thursday, as of yesterday morning we are in contract above our asking price.  Price matters.  A well kept home that's worthy of the price matters.  Marketing matters.  Obviously, we still have hurdles to get through during escrow, but we are looking forward to a smooth transaction with our buyers.

Geopolitics caused a real stir last week.  10yr yields spiked to just under 4.7%, not ideal.  This resulted in 30yr mortgage rates over 7.25%, not ideal.  Despite it all, home prices remain intact.  There is just enough sales volume to keep prices elevated.  Buyers are definitely rate sensitive, which is reflected in the decrease of closed sales we've been seeing.  Pending sales have been rising, but closed sales have been trailing behind.  We've spoken about this dynamic a lot.  Every bit of increase in the 30yr rates eliminates a set of buyers.  We really wanted to see rates become less volatile, especially this Spring, but it just has not worked out that way yet.  No one can predict geopolitics and their affects, or economic data.  What we can do though is watch the data every single week, and we can make adjustments accordingly.  Let's continue to do that.  See you in May!

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