I’m going to start this weekly update as sort of a buzzkill, but there has been so much talk this week (and really for the past several weeks) about rising interest rates and what effect this is having on the housing market. On Wednesday, the Federal Reserve raised short-term interest rates by 0.5% in an effort to help curb inflation. There is quite a bit to read and know about this topic, and we are more than happy to discuss what this means for your current situation when it comes to purchasing (or selling) a home, but the big takeaway to know is interest rates will not be coming down anytime soon. Therefore, if you have thought about purchasing a home, it definitely DOES NOT pay to wait it out. “The Fed is now targeting interest rates in a range between 0.75% and 1.00%, with some Fed officials advocating for raising the target closer to 2.5% by the end of the year.” Yahoo! Finance News
So, what does this mean for the Central Park housing market specifically? We have seen the shift in bidding wars becoming more minimal. However, homes that are priced appropriately, staged, and look beautiful are still experiencing bidding wars. In that same breath, showings are significantly down, but offers are still extremely strong (higher offer price, very favorable terms, etc.). Homes that are aggressively priced are taking longer to sell and some listings are dropping their asking price within the first week on the market. So, I’m saying there’s still a chance as a buyer!
However, there is a catch. Inventory continues to remain minimal while the buyer pool is still very large and active. If you are interested in purchasing (or selling) a home in Central Park, it definitely pays to have a Central Park broker with inside knowledge of what is happening in the market to help you with the best possible options for your particular situation.
If you’re not interested in a bidding war (and honestly who enjoys that!?) there are a few new build options available! David Weekley currently has 6 paired homes and two single family homes available to contract on TODAY! See the flyer below for more information. These homes are expected to close towards the end of the year and some into early next year. The great thing about the David Weekley new build options is you know your all-in cost right when you sign the contract. We can also assist you with finding a lender who will be able to lock you into a rate early so you don’t have to sweat out the next few months watching the interest rates rise while your home is still under construction. Other new build opportunities include:
KB Starlight (the current model home)
Boulder Creek Wee Cottages (coming soon!)
Onto some beautiful Central Park listings!
We are down pretty significantly from last week’s 25 new listings to 12 this week. However, I would expect to see new listings ebb and flow throughout the summer like this.
8196 E. 50th Ave is in a dream location on a corner lot right across the street from Uplands Park and just a few blocks from The North Green which hosts fabulous events throughout the summer! This former model home features 3 bedrooms, 3 bathrooms, oversized 2-car garage and extended driveway, HUGE backyard, and stunning upgrades throughout, and so much more! Listed by Joe Phillips for $970k.
This week we saw 22 homes go under contract. The average days on market was 6 days. This is telling of the market slowing a tad as a few weeks ago the average days on market before a home went under contract was only 3 (with many of the homes going under contract within the first day of showings).
We saw 16 homes close this week. Remember earlier when I said homes that are priced right and staged sell quickly for over asking? This weeks sold houses demonstrates that perfectly. The average close price to list price was 107% with the average home cost being $883,235. The average days on market was also only 4 days!
There are 22 total listings this week in Central Park. See a home you’d like more information about? Shoot me a text and let’s go check it out!
There are two beautiful homes set to hit the market sometime this week.
And that’s the weekly update! I would absolutely love to chat with you about what your goals are for buying and/or selling your home whether it be in Central Park or elsewhere. My contact information can be found below. Have a great weekend!
Disclaimer: Our Friday real estate updates are meant to be a “roundup” type post where we discuss all listings in Central Park, not just our own. It’s our way of making sure we follow the market closely and we share it with the Scoop readers because we know many of you like to track real estate in the area as well. Many of the listings in these posts are not our company’s listings and we wanted to mention that here to make sure it’s clear. Thanks for reading the Scoop!