HERE'S YOUR WEEKLY LISTING REVIEW FOR

917 W Montgomery Ave

Hi Alan,

There were no private showings scheduled last week or any new showing appointment. While buyer activity has been quieter for your property, this has been a trend we're seeing across many listings in the current market. Buyers continue to have plenty of options and are taking more time to make decisions, with many offers that are being submitted including requests for significant concessions or price reductions. On the market side, there were no new pending or sold comparable properties in your area last week, so market conditions remain relatively unchanged. We'll continue maximizing your home's exposure, closely monitoring buyer activity and comparable listings, and keep you informed of any new showings, market shifts, or opportunities as they arise.

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