October Update

Well, the market slowed during the shutdown. I have compared notes with other real estate agents and lenders.  Basically people stopped looking at homes for the duration of the government shutdown. Not one showing was scheduled on my current listing although people attended the open houses I held during that time. For those already under contract, nerves were frayed worrying about possible delays.  One settlement was affected in an unusual way.  The Buyers were cash buyers and they were buying a vacant condo.  They selected the Columbus Day federal holiday for the settlement date because having been furloughed this year, they wanted to avoid missing additional work. The title company was open, the seller and her agent were agreeable so we had settlement on the federal holiday.

Interest rates have dipped below 4% again this week after rising close to 5% or more depending on the type of loan and buyers' credit scores.  Lenders tell me that young buyers are conditioned to expect these rates now. While they are this low it is obviously cheaper to own than to rent.

Have a great Fall!

Best wishes,
Linda