With mortgage rates dropping steadily, the buying power has increased 9% nationally this year:
Who has benefited around NSDCC?
Of course we’re just looking at averages, your mileage may vary. But it look like both buyers and sellers have benefited – prices are up slightly, which means that the buyer’s payment should actually be a little lower than anticipated:
|Sept-Nov||# of Sales||Avg SF||Avg $/sf||Avg SP|
If this year’s rising prices were entirely driven by dropping rates that have now flattened, could next year be disappointing for sellers? Can sellers just live with this year’s prices?
I don’t think buyers are married to an exact payment; if they can get close to their desired goal (within a couple of hundred bucks per month) they will proceed with the purchase. But if sellers ask them to bump it up another notch, will buyers give in?