Mark's Market Update - Interest Rate Trends
Welcome to another edition of Mark's Market update. Great news in the interest rate arena. Interest rates this week hit 4.6% to 4.65% vs over 5%, 4 weeks ago. Active inventory in St. Louis County, St. Charles County, St. Louis City and Jefferson County is down 8% over previous year. Some offset is the significant increase in New Construction which is booming. Buyers are paying premiums for new construction, but they are able to get what they want in the areas they want. "Fall Out of Contracts" are higher than any time this year. Buyers are writing contracts, getting under contract and then "catching their breath and changing their mind" and terminating the contract. We are starting to see homes go on the market and all contracts reviewed x days later, that will allow sellers to build momentum and allow buyers to take a few extra days to evaluate the home and hopefully less "Fall Out Contracts". Although we projected increase in inventories, we still have not seen the increases we expected and at this point in the year, we are unsure if we will see increased inventory. As such, sellers should get their homes on the market. We are excited about a new section of our website www.TheGellmanTeamCommunities.com we have created municipality specific videos and will be building out more community videos and this will be a great resource for prospective buyers and out of towners learning about the different communities. If you have any questions about buying, selling, investing or specific communities, do not hesitate to call, email or text. Have a great day!
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