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May. The time of year when your calendar goes from zero to 100 in a matter of a few days. Are we even ready to be out and about with the unpredictable weather we have been experiencing? The warm, sunny weather will be here before we know it and then we will make the reservations, tackle the party invites, school and sports activities, yard work, etc. I’m wondering if the sun will bring more inventory for the buyers that are searching for homes! Speaking of inventory, in March, 56 single family homes were put on the market, down 24% from 2022; 52 homes in Milford, down 35%. Sales prices in these towns and many others in CT continue to remain strong with homes receiving multiple offers and in turn sending more buyers back to the market. Across the country, half of homes sold in two weeks with multiple offers. If you learn one thing from this newsletter, I hope it is this- the housing market is not falling apart! Today’s mortgages are different, with stricter lending parameters, the mortgage delinquency rate is historically low as are distressed sales/foreclosures. Inventory is still historically low, but unit sales should turn positive in the second half of the year. Mortgages rates are forecasted to be around 5.5% by the end of the year especially if inflations calms and the Fed decides to stop raising interest rates. Keep an eye on the 10 year Treasury as that is what the government pays to borrow money and most mortgages are government guaranteed, so the rates will follow a similar trend. If you’re in the mood for some fun topics like staycation ideas and ways to brighten your home, click the icon below for my May Newsletter. Congratulations to the class of 2023! To all mothers and people who nurture and love, Happy Mother’s Day!
“Little darlin’, it’s been a long, cold, lonely winterLittle darlin’, it feels like years since it’s been here
