HERE'S YOUR WEEKLY LISTING REVIEW FOR

1516 E Center Rd

Hi Christy & Mike,

There have been no significant changes to report since our last update. The vacant land market continues to move at a slower pace, with no new buyer inquiries or meaningful market activity over the past week. Comparable properties continue to experience extended marketing times, and many remain active for long periods before selling or eventually expiring. We'll continue monitoring the market closely, maintaining your property's visibility across all marketing channels, and keeping you informed of any changes in buyer activity, comparable sales, or opportunities that could help strengthen your property's position.

On the general market side of things, mortgage rates remain elevated despite a slight improvement at the end of last week. Current 30-year conventional rates are around 6.625%, 15-year conventional loans are approximately 6.00%, and VA/FHA loans are near 5.875%. While inflation cooled to 3.5% in June, down from 4.2% in May, recent increases in oil prices (topping $100/barrel) have put upward pressure on mortgage rates. Many economists expect rates to improve once energy markets stabilize, but for now, buyers are continuing to navigate a higher-rate environment.

One impact we're watching closely is buyer purchasing power. As interest rates rise, monthly payments increase, which can reduce the amount some buyers qualify to borrow. This has contributed to buyers being more selective, taking longer to make decisions, and placing greater emphasis on overall value when comparing homes. We'll continue monitoring market conditions and mortgage rate trends closely and keep you informed of any changes that could affect your property's position in the market.

– Haydn