December 2023 Market Update

Market Insights from The Erin Oldham Team

• Interest rates have been going up and down between high 6s to low 7s. We saw someone get a 6.85% rate last week. To get to that level generally requires good credit and 20% down. This is saving people hundreds of dollars a month on a mortgage. Jumbo rates are in the low 6s (6.375!) and we have some great jumbo mortgage brokers if you need one. 
• Most people are saying interest rates will be in the 6s next year. We shall see!
• Most of the buyers are out holiday shopping so now is a good time to look around and negotiate prices down. 
• Homes below $800k are still selling competitively while homes above that can be slower, especially if they were priced aggressively.
• Strategy is everything with buying right now! Some homes require speed; some require waiting a week for an opportunity to negotiate down. 
• We are still seeing a lot of off-market deals. See below for what we have eyes on!
• We know we have a lot of people considering a move in 2024. Reach out to set up a consultation about the best strategy for you.

The Real Deal: The Market Now

Recent Successes of The Erin Oldham Team

• We closed out a couple of the Harborside condos last week. One is a current renter who is so excited to settle into the gorgeous condo that she now owns!
• We just closed on a fantastic 12-unit multi in Portland. The owners have been stewarding the building for 25 years and were excited to move to their next chapter - going to try out living in New Orleans! This was a really interesting deal where owner financing allowed the owner to make more money and allowed the buyer to offer a higher price as they were getting a lower interest rate through the owner financing.