Happy New Year! And Happier interest rates. The Feds have lowered the interest rates to just below 7%. This is a welcome change to help bring new buyers to the market. MV currently has 12 active listings, with an average sales price of $535,000. MV also Sold 4 homes with an average of $479,000. Interestingly noted the average days on market of those that sold was 22, while those active were much more. This is a clear indication that those homes that dropped their price – sold.

FYI – a home for $535,000 with 10% down and 6.625% interest calculates to a monthly payment of $3756 and $63,364 to the closing table. That’s hard for any first-time homeowner to come up with. It’s no wonder why homes have been taking longer to sell. Still, homes are selling but it is a bit of a “Buyer’s” market. If you are thinking of selling, I encourage you to fix the items needing fixed first, so you can be ahead of your competition out there.

Deb Kirschbaum
Realtor/ Priority Properties