Real Estate Update – July 2020

Villages of Stoneybrook real estate analysis is at end of article.

A happy 4th of July to you and your families! Remember all who have given the ultimate sacrifice for our freedom.

Neighbors, as you have noticed. real estate is booming once again.  The interest rate still hovers around 3 percent and even below! I have a client who has locked in his rate at an unbelievable 2 and  7/8 on a conventional 30 year mortgage just this week.

DO NOT OVERPAY for a home simply because you fall in love with it. A seller in this market may be asking too much.  You need an agent who knows the market and will give you a comparable market analysis and represent you the buyer. Thankfully, unless you are a cash buyer and choosing to not have an appraisal, property will have to appraise out for the  negotiated  sale price. If you are in need of a loan, as most of us are, your lending institution will require an appraisal. If the appraisal should come in lower than the negotiated sale price, buyer and seller will have to renegotiate.  
It is a sellers’ market and looks to remain so until more listings become available to sell. New construction is booming and listings are slim. Bidding wars are back; and homes are getting contracts so quickly that they barely hit the market before they have offers.
PLEASE wear your mask inside public places and socially distant yourselves.
Be safe and have a happy 4th!