Boston Realtor Mike Mahoney
Michael Mahoney
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Sales Fall in April Despite Mortgage Rate Drops

Key Points from National Association of Realtors

  • A sizable drop in mortgage interest rates didn’t do much to help home sales in April, as high prices and tight supply at the low end of the market continued to sideline buyers.
  • Sales of existing U.S. homes fell 0.4% in April compared with March to a seasonally adjusted annualized rate of 5.19 million units, according to the National Association of Realtors. Sales were 4.4% lower compared with April 2018.
  • That was the 14th  straight month of annual declines.

 

One of the major reasons for the sales being down slightly is that buyers are priced out at the bottom of the market.  The inventory is always really short in the first time home buyer territory.

I have been mentoring agents who cannot seem to get their buyers into houses at the lower price points where first time buyers purchase due to the fact that the competition for these homes is very high.

I keep telling the agents they need to call the people who had their houses on the market a few years ago and reference their buyer by name and see if the seller has changed their mind on selling from where they were a couple of years ago.

If you are thinking of selling you cannot overprice your home today. 

“We see that the inventory totals have steadily improved, and will provide more choices for those looking to buy a home,” Yun said, adding that sellers have to realize that price growth has moderated. “When placing their home on the market, home sellers need to be very realistic and aware of the current conditions.” Lawrence Yun – NAR Chief Economist

You can see the full report from Diana Olick  who is the MSNBC real estate correspondent

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5suzannechapman1208

I selected Mike after having a very unsuccessful experience with a previous broker. He had excellent ideas in helping to sell my house and continued to advertise it with a fresh perspective. His experience helped in a number of ways and I only wish we had... (more)

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This is the second property I have sold in Weymouth MA with Mike as my broker. He research the area and give you all the information you need to decide what to list your property for, so it sells timely. He also helps review and negotiate all offers and is... (more)

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