REAL ESTATE – THE BIG PICTURE
The local market has slowed a bit during the past few weeks, probably due to the beginning of summer, Father’s Day, slightly higher mortgage rates (up to 3% now approximately from a low of 2.5% in February), and a weaker stock market. Local inventory levels are up a little bit, as they are also up nationally. I saw a statistic last week which said that inventories are up about 6% in the nation. A 6% increase is not huge considering the extremely low levels we’ve had for such a long time.
The stock and bond markets have been unstable lately due to an inflation scare, which the Fed says is transitory. Fed statements which hint at higher rates in a year or two due to an expectation of a trend of continued strength in the economy have unsettled things, as well. Take a look at my ad in today’s Rockaway Times (Page 22). Call me. Love, Robin