This week our listings saw an average of 2.8 showings each. This is a tremendous pickup in activity over the last few weeks. The increase could be due in part to a 25 basis point drop in the Fed’s key interest rate on Wednesday. That drop has brought the rate down to 2.25%. This rate drop may not have an immediate effect on primary mortgages, but it does directly effect the rate on most Home Equity Lines of Credit.
Our office did see a lot of increased activity over the past seven days. We have begun to see a better influx of offers on our listings, although negotiating has been more difficult than it has been in past years. Buyers have a lot more supply to choose from which has allowed them to become much more aggressive with offer prices. The bottom line is that we are a lot better off now than we were six months ago, but we still have a ways to go before we can consider things ‘back to normal’.