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Labor Day marks the end of our summer season, and the beginning of the back-to-school frenzy. It typically marks the return of people from vacations and the end of the summer doldrums in real estate. The Rockaway market slowed up a bit this year due to higher mortgage rates. The volume of calls diminished but most listings which were appropriately priced did generate interest – especially in the more affordable categories, although some expensive properties also sold.

The higher mortgage rates which we now have should not stop the real estate market. Current rates are not extremely high by historical standards. Many veteran Rockaway homeowners bought their homes years ago and were not discouraged by high mortgage rates at that time. My first mortgage was at 11.5%.  That mortgage lasted two years until I refinanced it at 9.5%. A lot of buyers need to buy a new home and will not be deterred by higher rates. Some buyers may have been disheartened by the initial surprise of higher rates. However, after a fresh financial analysis many buyers will continue searching for the right home. Also, many listing prices have declined a bit, thus making some homes more affordable.

September 30 is the magic date for open houses in Rockaway. When the summer parking restrictions are lifted on that date it will become easier to have visitors view our listings. Call me. Love, Robin.

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