To complement and perhaps enhance these experiences, I've curated insightful articles on ideas, projects, designs, and tips that inform you on how you may upgrade your outdoor spaces.
So what's been happening in the real estate market lately?
On a positive front, mortgage rates recently dipped with the average 30-year fixed decreasing from 5.25% to 5.15% and the average 15-year fixed decreasing from 4.43% to 4.30% [U.S. News and World Report, May 25, 2022].
And while new listings, pending sales, and closed sales continue to be down from the same time last year [and year-to-date] due to the continuation of low inventory, other local data continues to point to this solidly remaining a Seller's Market.
Before I tell you why, first, let me say that some economists are suggesting that the market has peaked or is plateauing in some places across the country.
Well not in our region.
Just consider these analytics from the area's Multiple Listing Service:
- The median price is higher than this time last year and continues to rise albeit at a slower clip
- The average days on the market have actually gone down from same time last year which means homes continue to sell faster
- Sellers are getting a higher percentage on their listing price than this time last year and in many cases, are getting contracts for above the asking price
Therefore despite inflation and higher mortgage rates than the same time last year, homes continue to sell faster, at higher prices, and close to or above the listing prices. Also, inventory is not expected to change because new homes are not being built and existing homes are not becoming available at the speed demanded by the market.
So if you are in the market to buy a home, lock in to current interest rates NOW. They are expected to go up again in a planned effort to bring post-pandemic inflation under control. Allow us to help you find your new home and sell the one you have.
We are very well positioned to obtain top dollar for your property.
This June, we've selected a few choice events to attend including a Taste of Covington Food, Wine and Music Festival, the Live Concerts at the Trailhead in Mandeville and more.
And take a peek at this month's index of curated articles:
- These are Summer 2022’s Hottest Outdoor Design Trends [Realtor.com]
- 6 Ways to Upgrade Your Outdoor Space for $250 or Less [Realtor.com]
- Outdoor Living Room Ideas – 18 Ways to Make the Most of Your Garden [Ideal Home]
- Outdoor Living Spaces [Pinterest]
- Outdoor Living Spaces: Ideas for Outdoor Rooms [HGTV]
- 7 Tips for Designing and Outdoor Room PLUS [scroll down for] Designing Outdoor Spaces [HGTV]
- 68 Outdoor Patio Ideas and Designs for Backyards (and rooftops) [Architectural Digest]
SEASONAL TIPS: 8 Ways to Prepare Your Home For Summer [The Spruce]
RENOVATIONS: 7 Low Cost Projects That Will Boost Your Home’s Value
We hope to bump into you and your families somewhere in our beautiful community.