There is never a good time to suffer a house fire, but to have one right before Christmas? It’s heart breaking. A local family suffered a total loss and we are attempting to raise as much money as we can to help them have the best Christmas possible. I’ve included a link below to the GoFundMe page and appreciate anything you can do to help Leo and his family!
According to data from the Global MLS, the marketplace for NY Capital District residential properties, here are the latest stats:
The Number of SOLD listings decreased by 9% to 633 properties with a top sale of $1.7 million at 7 Sage Estate Menands.
The Average Sales Price dropped 4%, to $312,000 w/ a drop in Average Price Per Square Foot remained at $180 per square foot.
The inventory of properties available for sale as measured in months supply is still very low, with only a 1.46 months worth of properties for sale.
The average 30 year fixed mortgage rate decreased to 6.81% according to Bankrate.com. There are a lot of mortgage options out there that offer lower rates. A client of mine is closing on a property with a variable rate mortgage under 5%, and the rate is guaranteed to not increase for 10 years. So don’t let the average rate increase discourage you… there are options if you are ready to buy now!
While sellers continue to average over their asking price, the market is showing some signs of cooling. Last month, sellers averaged just .37% over ask. This is down from the .53% premium sellers received last month.