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Coleman Group Market Scoops – October 13th

Coleman Group Market Scoops – October 13th Scoops


Great news: Inventory is up giving buyers more to choose from which allows greater opportunities to find and win a dream home. Although the market generally slows in late fall, I am not seeing prices on homes drop or fewer buyers at Open Houses. However, buyers are becoming more demanding in terms of a home’s condition, which is very important to note as a Seller.  Mortgage applications are down due to high interest rates~ however I did find a fantastic rate of a 3 year ARM with 3.5% rate. Definitely the best I have seen lately. 


Last week, I wrote about a shift we’ve seen in the market over the last couple of weeks, with a number of great homes receiving fewer offers and some even sticking on the market more than a week. Although this adjustment has continued into this week, we are still seeing great homes that are well-priced receive multiple offers. 8 Linway Road in Lincoln, which didn’t make it through the weekend before receiving multiple offers and accepting one is a good example of this. It goes to show that if you are on the search for a new home, it is still important to view homes early and be ready to move quickly!


Though many banks have crept into the 6s on their rates, you can still find amazing deals if you know where to look. Just think week I heard rates in the 3s from a local co-op and other portfolio lenders are offering ARMs in the 4s. In the current environment I would recommend getting an ARM rather than locking in as everyone expects rates to come down in the next few years. If you know where to look for the right rates you are in a better position as a buyer than you have been in the last few years because the competition isn’t forcing you to take the risks it once was. That said, the market is still strong for sellers, but if you are thinking of selling you have to adjust your expectations and understand that pricing is as important now as it ever was! 

In other news, we had our team photo shoot this week. It was a long day, but a fun one, full of laughs. We even got some photos for this blog featuring some delicious ice cream treats! 


Everyone knew the sellers market of the past 12-18 months couldn’t last forever and we are seeing the market shift play out now. While there have been market changes, such as slowing price growth, longer days on market, and decreases in sale to list price ratios, it’s important to note that these are NOT signs of a troubled market. Days on market are on par with or trending down year over year in many areas such as Winchester, Lexington and Concord. Moreover, in many areas, average sale price is the same or greater than list price – which is an excellent indicator of demand. The important take away here is that while buyers are gaining back a bit of leverage, it’s still competitive out there and prices are still climbing (even if it’s not as wild as before).


I have been touring Arlington homes that my first time home buyers can put their own style into (i.e., fixer uppers!).  There are some really well-maintained homes out there, just waiting to be scooped up by people with vision!  I’m also continuing to get a Medford townhouse on the market – a beautiful new lawn was installed yesterday and the home staging is in place.  Looking good!


On the hunt for a great home for my buyers in the Rte 2 corridor and there are lots of options hitting the market! Inventory seems to be building as about ⅓ of the homes that my buyers will consider have posted price drops. Buyers can still get a jumbo mortgage in the 4% bracket and, along with home prices moderating, can hopefully still afford to get the home of their dreams.


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Jessica Mullen

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