Wilton, CT Real Estate - Home Sales Market Report: March 2008
March 16th, 2008 categories: Buying Your House, Market Data & Statistics, Selling Your House, Talking Real Estate, Wilton
In the Wilton real estate market, February single-family closings show a drop from Feb. 2007 (from 16 to 11) continuing the trend from last month. Brad and I did, however, notice a recent flurry of buyers out to look at properties with several coming forth with reasonable offers. Even with lousy weather the past 3 weekends (snow, snow, then rain), buyers are consistently viewing our listings.
My buyers have seen mortgage rates increase over the past few weeks so make certain that you discuss “rate locks” with your mortgage professional. Even with this rate increase, home buyers are still enjoying some of the cheapest money in history. We’ve probably seen the bottom of the mortgage rate curve for this cycle; it’s unknown how home prices will react. Buyers must keep in mind that even if prices continue to soften, rising rates will more than wipe out whatever might have been gained by waiting.
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