Interest rates on a 30 yr mortgage were trending below 6% for the 1st time in years. The attached article says NAR research indicates the lower rate allows another 5.5 million buyers into qualifying range. So where are they? There’s a host of factors that might be getting in their heads. Here’s a few I’ve heard:
Financing rates are still volatile, as the interest rate is now back at 6%. Job insecurity, lack of good jobs to apply for, lingering high house pricing, low inventory, & most definitely crappy weather remains in the mix. I still maintain that the Patriots being in the superbowl freezes the market in low activity from the Holidays, through January, right up until Super Bowl Monday. It’s a perfect record that I’ve been tracking since 2010.
Here’s the article: https://www.nar.realtor/magazine/real-estate-news/economy/the-home-sales-conundrum-people-arent-moving
Looking at the article’s top 10 cities with increasing sales pending, it looks to me like more affluent areas are a common theme. It’s been my observation for a while now that the lower the interest rates drop below 6%, the more hesitant buyers will get off the benches and into the game. Those other factors are real and still kind of scary, but the cost of waiting, in terms of daily life experience(Larger Home, Lower Commute, Lower Rent, Etc.) start to outweigh the other uncertainties and negative factors. Mortgage companies are straining to provide better, more enticing products to help edge people out of hesitancy. HUD programs are now fully funded again(See last week’s post), so items like flood insurance, block grants, etc. are back in operation. Typically, Spring sees a huge burst of activity in residential Real Estate, in both listings and then, in buyers.
In short, there’s a bunch of potential reasons for buyer’s to motivate themselves to start competing for their best home possible in the coming months. To find out about those incentivizing items, contact your favorite Realtor (I offer myself as an option. 
) & keep yourself informed. You’ll know when to jump in.
Have fun!
Lew McConkey, Realtor/Notary
Brook Realty, Serving Whitman Hanson & Surrounding Towns
(781)252-9789
If you have questions about your place in the current Real Estate market, as a buyer, seller or Landlord,
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