June 2025 Newsletter

There is still a feeling of uncertainty in the local real estate market. Buyers now have choices & are not as quick to pounce on the newest listing to hit the market. As inventory grows prices are starting to settle. Interest rates have been about the same for the last several months so it is not an interest rate driven market. When the FEDS meet this month I don’t anticipate any major improvements to take place. Buyers are now “comfortable” with the rates but they are definitely more picky with respect to offers. Nearly 80% of loans generated in the US are now 7 year ARMS as they are currently at 5.875% .

I have mentioned in the last few newsletters the buyers request for repairs or credits in lieu of repairs while they are in their due diligence period. It seems to make or break deals as this changes what the sellers thought they were netting. I have recommended to my clients, not all of them, but some, to be proactive and pay for inspections before going to market. The reason I say not all is because sometimes I list properties where all the major things have been done by the seller in the last 3-5 years. Thinks like a newer roof, updated sewer and plumbing lines, electrical updated, recent termite inspections, remodeled kitchens and bathrooms etc. Those are the types of homes that sell quickly, typically over asking and with fewer issues. Of course initial asking price takes into consideration the condition of the home. There are surprises like issues with sewer lines & roof where the cost to repair or replace is significant. That is when the buyers ask for pretty crazy credits or corrections to the sales price.

Homeowners insurance is becoming less of an issue except when it comes to roofs & electrical panels. I‘ve had long time clients tell me that their current insurance carrier would not renew their policy until the roof is replaced or in some cases a particular electrical panel is replaced. Insurance rates have gone up substantially.

June, July, August & September seem to be replacing the typically “hot” Spring months to sell ones property. I cannot remember this ever being the case but with so many different twists to the state & world economy this new dynamic is presently with us. So, if you think you missed the boat for prime time to sell, you have not. Contact me for all of your real estate needs, referrals, valuations, etc. See you around the neighborhood!