October 6, 2016
Fall is here and the weather is growing colder. Nothing seems to be cooling off our real estate market in Eastern Connecticut. With shrinking inventory and interest rates at all time lows, the demand for property continues strong. We fully expect things to remain very active until the first snow. Prices, surprisingly, have moved very little. We see upward pressure on prices but no real boom in the near future. Our only concern is that interest rates will rise soon. Janet Yellen, the director of the Federal Reserve board, has been quoted as saying there will be a rate increase by the end of the year. With the national elections around the corner, they may be waiting on raising rates so they won't influence the outcome.
I continue to stress to all buyers that now is the time. Yes, it was better a year ago when there were more properties to pick from, but it is not going to get better. If you continue to wait there will be even less inventory to choose from and you will be paying higher mortgage rates. Now is the time, call your local Partner Network office or agent and schedule a free consultation. Your needs, goals and dreams are attainable, just make the call.