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Real Estate Market Update April 2022

Real Estate Market Update April 2022
Todd Wheatley:
Hi, everyone. It’s Todd Wheatley here from the Candor Realty Boston team. It’s April 22, 2022 and I wanted to provide a market update to our sellers and buyers, share a little bit about how the market has changed in the recent months, and what we might see going into the traditionally very strong summer months. I think everybody knows the last year or two has really been a really strong real estate market. It’s been a very strong seller’s market and that’s primarily been due to the very low supply or available homes and the very high demand from buyers. And so, there’s been an imbalance of supply and demand. And we continue to see that, we continued to see that even through the winter months, which are traditionally a little bit more slow, and we continue to see that into the spring and early summer markets.

What’s really changed in the last month or two has been the interest rate environments. Back in January, a buyer was able to secure a 30 year fixed rate loan at about 3 to 3.25%. Fast forward to today and that’s over 5%. And so, that has been a very dramatic shift in a very short period of time. Now, buyers are still active in the market, but buyers are very aware of interest rates because it impacts their purchasing power. Somebody who might be approved for a $500,000 house, if interest rates go up may now have to look at a less expensive home because a bigger portion of their monthly payment is interest, is mortgage interest. And so, I think that’s something, even though we’re in a strong seller’s market, I think that’s something that sellers should be aware of is that as buyers’ purchasing power is decreased, there may be a little bit of a softening in these premiums that we’ve seen in home sales.

If you’re a seller or thinking about selling in the Greater Boston marketplace, you may want to consider doing that sooner than later, especially given that we’re in a strong spring market and going into a summer market, which are traditionally the strongest points of the year. And we don’t know what the interest rate environment’s going to look like as we get later into 2022 and further into 2023. If you’re a buyer, I know that it’s been a frustrating couple of years. We’ve helped a tremendous number of people purchase investment properties and we continue to do so, but it has been very challenging. If you’re interested in joining our buyers list, you can find a link below. Oftentimes, we find sellers who really just want a quick, easy sale. They don’t want to put their property on MLS and we can connect the buyer and seller privately and help everybody kind of reach a win-win transaction without the fanfare of going to the market. That’s what we specialize in.

If you’re a seller, again, you may want to consider where we are in the market cycle, you may want to consider what’s changing with interest rates, and if interested in listing your property or looking for a more quiet, non-marketed sale, we specialize in that as well. And if you’re a buyer worried about interest rates continuing to increase and really looking to get into your property in the next couple of months, reach out. We can help connect you directly with the seller or find a property on market that meets your needs. Thanks for listening to this video. Feel free to reach out to me directly by phone at 617-804-1450 or email at todd@heartfeltre.com. I’m happy to chat about your particular situation and share how we can help. Have a nice day!
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