Will higher interest rates have any effect on demand?
We are finally getting some much needed warmer weather. January and much of February have been very cold and windy. We can all look forward to Spring officially starting on March 20th! You can also tell the time of year by how busy our local trades are in getting homes and condos ready for the season.
On the real estate front, inventory continues to be very tight with both single family and condos. It will be interesting to see if higher interest rates has any effect on demand, I suspect it will be minor in our local market.
Activity for past 30 days is as follows:
Single Family Homes – 5 Pending and 5 Sold
Condos – 6 Pending and 2 Sold
Market Metrics – January 1, 2022 – February 16, 2022
Current rates courtesy of Liza Gibboney – Fairway Mortgage
NMLS# 243062 | Cell: 757-630-9604 | Office: 757-932-8497
Non-Conforming Jumbo 30-year fixed Primary Residence – 3.875
Non-Conforming 30-year fixed Jumbo Second Home – 4.50
Conforming Conventional 30-year fixed – 4.0
VA 30-year fixed – 3.625
FHA 30-year fixed – 3.75
I would like to close out this newsletter with a request. Our family, friends and team are supporting the 2nd Annual Swammie Shuffle 200 being held on February 27th. This is a 200+ mile race from South Sandbridge (our parking lot) to the Cape Hatteras Lighthouse to raise funds and awareness for the prevention of suicide among our military veterans. Every day, 22 veterans lose their battle with post traumatic stress and depression. If you enjoy getting this newsletter and feel lead to donate, you can do so here. SBH Real Estate is a proud sponsor and appreciates any consideration that you have for this cause.
God Bless and Aloha!
Pat