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It’s hard to believe, but 2016 is just about over

article-featured-122816-outlook

It’s hard to believe, but 2016 is just about over. We hope it has been a good year for you and your families.

We are fortunate to have a business where we can help clients who become friends. We do appreciate you and all you have meant to us over the years.

Local real estate has been very “interesting” this past year. We are experiencing a general reduction in available properties for sale. More people are staying in their homes longer. However, demand is still high. More homes have sold to date in 2016, even though fewer have been on the market. The effect of that imbalance is that prices are up, by almost 7%, and sales are greater than last year. At least for the time being, we are in a definite Seller’s market. If you are considering selling, we’d suggest this is an excellent time to put your home on the market.

If you’re considering buying, interest rates are still within about ¼ % of their lows, but we are hearing rumbling about potential increases in coming months. Buying at this time may also make sense. A ½% increase in interest rates raises the monthly payment on a $500,000.00 home can raise the payment $120.00. That would be the equivalent of over a $20,000.00 increase in price at the original interest rate.

As always, you can reach us at 949-500-6365, our email FrankDiLauro@cox.net, or through our website, www.FrankDiLauro.com.

Best wishes for a Happy New Year!