I am writing to you from the peace and quiet of Nantucket Island. There is something disarming about New England that I have grown to love. During college summer breaks, I would travel to Cape Cod with my Godson family, and a couple of years ago I discovered Nantucket.
It has been a busy year, textured by the remnants of the pandemic, a new administration, hope from the vaccine, and an inevitable return to whatever the new normal has become.
If you can, take a few days off away from the high-frequency energy of the DMV. Sit near the water, slurp some oysters, get on your bicycle, and lose yourself in the being and not the doing.
We have a little more than one quarter left, a new season approaching, and hopefully, closure of another year of your heart's desires.
I am always here for a phone call, a doggie walk, to break bread, and whatever you might need. We don't even have to talk about real estate.
Wishing you warm (and cool) summer greetings!
Hey Nya, how is the market?
We are anticipating more inventory on the open market due to foreclosures as the nationwide forbearance comes to an end in August and September. This will hopefully contribute to balance in the market as it has been heavily geared toward sellers throughout this year. New listings are also entering the market later. If this trend continues, this will give buyers more options and more time rather than the competitive feeding frenzy that has caused properties to go above list price. On average, mortgage rates fell last week from one week earlier. Rates were down across all loan categories and are now lower than where they were at the same time last year Doug Duncan, Fannie Mae's senior vice president and chief economist, says, "mortgage rates remain not too far from their historical lows, and consumers are expressing even greater confidence about their household income and job situation compared to this time last year when the pandemic had shut down wide swaths of the economy." According to the New York Times, in June, the nationwide median home sale price was up 25% year over year to $386,888, while the number of homes for sale was down 28% from 2020. The homes that hit the market last month moved fast — a typical one sold in 14 days — and 56% of them sold above the asking price. Read the full article here. What am I LOVING right now? Baltimore.