Mary's Market Report: Fall Edition

Fall is off to a fast start! Mortgage rates have touched a nearly three-year low in recent weeks and buyers are looking to secure the lower rates. It used to be that buyers in our area were facing a triple threat: high interest rates, high taxes, high property values. Right now, those threats are down to two. This is a good time to buy, yet buyers still need to be smart. Prices are coming down in the upper price ranges, but the $800K-$1M market is still hot.

As for my notes from the field, the great question being pondered seems to be to condo, or not to condo? From first time buyers to empty nesters, this is the burning question. Staying in a home you've lived in (and loved!) for years is no easy decision, and downsizing presents unknowns: less living space is one thing, but what about less yard, less basement, less attic? These components matter when considering what's going to come next. On the other hand, a new build condo with half price taxes and less upkeep is an appealing idea to many, especially empty nesters and first time buyers.